JLL Capital Markets on Thursday announced it arranged a $29.5 million construction financing for Soho Park Residences, an 85-unit, age-restricted (55+) luxury residential development in Nutley.
JLL worked on behalf of the borrower, Rock Solid Builders Inc, in facilitating the 2.5-year, floating-rate loan through Kearny Bank.
Scheduled to begin construction in spring 2025 with completion anticipated in spring 2027, Soho Park Residences will feature a three-story design built over a concrete parking podium with 148 garage parking spaces. The property will offer a mix of one- and two-bedroom luxury apartments with an average unit size of 1,110 square feet. Residents will enjoy resort-style amenities including a state-of-the-art fitness and wellness center, library, sun deck with pool, BBQ grills, firepits and a top-of-the-line resident clubroom.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Thomas Didio, Jr., Director Gerard Quinn, Associate Michael Mataras and Analyst Michael Donohoe.
Located at 116 Harrison St., the community is strategically positioned steps from downtown Nutley and offers connectivity with convenient access to the Garden State Pkwy, Rte-3 and Rte-21. The development is just 2.8 miles from Delawanna Train Station, providing direct service to New York Penn Station in 30 minutes.
The property benefits from strong local demographics, with the 50+ population making up 37.6% of Nutley’s total population. The development will also benefit from an accretive PILOT program, enhancing the financial performance of the asset.
“This development addresses the growing need for luxury rental housing among the maturing population in Essex County, particularly as township residents become empty nesters and seek to escape the responsibilities of homeownership while remaining close to family,” Didio, Jr. said.
“JLL is grateful to have played a small role in this exciting project. We’re thrilled to witness Rock Solid Builders deliver what promises to be an exceptional luxury development that will serve the Nutley community for years to come,” Quinn said.
