CBRE on Wednesday announced that it has secured $30.7 million in construction financing for The Vail, a new luxury multifamily rental community in West Caldwell. The project will replace a long-dormant site formerly occupied by Welsh Farms Ice Cream Inc., marking a significant revitalization for the local corridor.
The 92-unit, four-story development at 780 Passaic Avenue is being spearheaded by Fairfield-based Accordia Real Estate. Principal Financial provided the construction financing, which was arranged by the CBRE Debt & Structured Finance team.
The site has remained vacant for several years following the demolition of the former Welsh Farms structure. The new development seeks to turn the underutilized property into a premier residential destination in Northern New Jersey.
“We are excited to breathe new life into this prominently located site,” Jason Bogart, founding principal of Accordia Real Estate said. “Closing on this financing is a meaningful milestone and a strong validation of our platform,” added Ben Morgenthal, Director of Acquisitions and Capital Markets at Accordia.
‘The Vail’ will cater to the region’s high demand for transit-accessible, high-end housing. Located just 30 minutes from Manhattan, the property is designed to appeal to commuters seeking a suburban lifestyle with urban-style amenities.
The community will feature:
- Modern Residences: 92 spacious luxury units.
- Affordable Housing: 19 residences (20% of the total) will be designated as affordable housing, helping the township meet critical regional housing goals.
- Upscale Amenities: A state-of-the-art fitness center, coworking spaces for remote professionals, a pet-friendly dog park, and outdoor BBQ grilling stations.
- Parking: Ample covered parking for residents.
Despite broader economic shifts, well-positioned multifamily projects in New Jersey continue to attract competitive capital.
“We continue to see strong interest from lenders for well-located multifamily developments backed by experienced sponsors such as Accordia Real Estate,” Matthew Pizzolato, first vice president at CBRE said. “Principal recognized the strength of The Vail’s sponsorship, location, and overall business plan.”
The CBRE team representing the borrower included Matthew Pizzolato, Josh Stein, Jason Gaccione, Shawn Rosenthal, Jake Salkovitz, Lauren Weinstein and Justin Helbling.
About the Partners
- Accordia Real Estate: Headquartered in Fairfield, N.J., Accordia is a full-service firm specializing in asset management, development, and construction management since 2005.
- CBRE Group, Inc.: A Fortune 500 and S&P 500 company, CBRE is the world’s largest commercial real estate services and investment firm.
