CBRE has successfully arranged a $40 million construction loan for the development of Morristown Station, a transformative transit-oriented residential building located at One Lackawanna Place. The financing, provided by Truist Bank, paves the way for a project that has been nearly two decades in the making.
The 89-unit apartment complex is being developed by Lackawanna Place Morristown Urban Renewal LLC, an entity associated with Bijou Properties. The debt was structured by the CBRE Capital Markets team, led by Matthew Pizzolato and Josh Stein.
Strategically positioned on a triangular lot adjacent to the Morristown NJ Transit Station, the development is designed to serve as a “front door” for those arriving in town by rail or car via Lafayette Avenue. The project replaces a long-underutilized parking lot behind the historic train station.
Project Specifications:
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Total Units: 89 luxury apartments.
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Affordable Housing: 13 units (approximately 15% of the total).
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Retail Space: 5,111 square feet of ground-floor commercial space.
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Residential Mix: Predominantly two-bedroom layouts (74%), catering to the “work-from-home” and roommate markets.
“Morristown Station represents a best-in-class, transit-oriented residential opportunity that addresses the growing demand for both market-rate and affordable housing,” Pizzolato said.
The closing of this loan marks a significant victory for the developers. The project was first approved in 2018 but faced a series of hurdles, including:
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Litigation: A long-running dispute with NJ Transit was finally settled for $1 million in 2025.
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Pandemic Disruptions: Global supply chain issues and economic shifts stalled progress between 2020 and 2023.
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Zoning Revisions: Recent town-wide efforts to standardize affordable housing requirements and “Payment in Lieu of Taxes” (PILOT) agreements.
Morristown Station is just one piece of a massive redevelopment wave reshaping the area around the train station. It joins other high-profile projects like M Station (an office hub housing Deloitte and Sanofi) and the newly approved M Lofts.
The property will feature a 12-year PILOT agreement, ensuring predictable tax revenue for the town while supporting the Morris Educational Foundation. Residents will enjoy a “car-free” lifestyle with a sub-60-minute commute to New York Penn Station and immediate access to the bars, restaurants, and cultural amenities of the Morristown Green.
