Approximately US$ 97.3M in financing has been secured for the Vinty community, a mixed-use development in New Jersey. The funds were secured by joint venture partners, LeCesse Development and MAS Development. It was JLL who arranged the senior floating-rate loan through an entity managed by Argentic Investment Management LLC.
The 267-unit Class A apartment community is located at 100 Union St. in an Opportunity Zone. It thus benefits from its proximity to Elizabeth Station of New Jersey Transit. The Northeast Corridor and North Jersey Coast Line converge in Elizabeth, providing easy access to job centres around the region.
With its ideal location, the Vinty community in New Jersey puts residents just steps away from downtown Elizabeth’s main corridors, Broad Street and Morris Avenue. Additionally, nearby employment opportunities exist at Union County College, Trinitas Regional Medical Center, the Union County Courthouse, and other job hubs.
The property is about 4 miles away from Westfield and Cranford, which offers charming downtown areas with shops and restaurants.
Featured amenities at the Vinty Community in New Jersey
The development comprises studio, one- and two-bedroom units, alongside 32,272 square feet of ground-floor retail and commercial space. It also provides a range of community amenities such as a fitness centre, yoga/cycling studio, and resort-style pool.
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Residents can also enjoy the outdoor summer kitchen, outdoor theatre, community lounge, golf simulator, dog park, co-working zone, and more. Additionally, the unit interiors of the Vinty community showcase quartz countertops, stainless steel appliances, in-unit washers and dryers, and wooden flooring.
There are also spacious walk-in closets and bathrooms in all units. The commercial component features a 3,315-square-foot food hall, an upscale private office/co-working space, and a Northfield Bank branch.
Senior Managing Directors, Michael Klein and Steven Klein, Director Gerard Quinn and Analyst Morgenthal led JLL’s Debt Advisory Team. According to Michael Klein, Vinty represents the first phase of a transformational placemaking community for the downtown Elizabeth region.
He also said residents, business owners and the entire city would benefit from the development for years to come.
