Listen to this articleA transit-oriented development adjacent to the Morristown NJ Transit train station has secured $40 million in construction financing.
CBRE announced arranging the loan for the 89-unit apartment building Jan. 7. Truist Bank provided the funding for Morristown Station, under development by Lackawanna Place Morristown Urban Renewal LLC (Bijou Properties).
It’s just the latest transit-focused multifamily project to move ahead in New Jersey. TODs aim to take advantage of accessibility to public transportation, such as rail or bus, to help foster economic growth and walkable areas.
A CBRE Capital Markets’ Debt, Equity and Structured Finance team of Senior Vice President Matthew Pizzolato and Senior Associate Josh Stein represented the borrower in the transaction.
Morristown Station will offer 76 market-rate apartments and 13 affordable housing units, along with approximately 5,111 square feet of ground-level retail space. Two-bedroom apartments account for 74% of the unit mix. The balance comprises studio and one-bedroom floor plans.
“Morristown Station represents a best-in-class, transit-oriented residential opportunity that addresses the growing demand for both market-rate and affordable housing in Morristown,” said Pizzolato. “By partnering with Truist Bank, we were able to structure a construction financing solution that supports the sponsors’ vision while positioning the project to set a new benchmark for multifamily development in the market.”
The project coming to One Lackawanna Place received approval from the Morristown Planning Board last January. At the time, Morristown Green reported the process had taken nearly two decades.
“You’re going to see something really special in our train station when you pull in from New York,” the hyperlocal site reported Morristown Mayor Tim Dougherty said at the time. “You’re going to be coming into what looks like a grand hotel.”
