Cushman & Wakefield announced that it has successfully arranged the $131 million investment sale of Edison Lofts, a premier 334-unit luxury multifamily and retail community located at 33 Ashland Avenue in West Orange.
Originally developed by Prism Capital Partners, Edison Lofts spans two residential buildings featuring 334 apartments and nearly 19,000 square feet of ground-floor retail space. The award-winning property comprises The Residences at Edison Lofts—a 300-unit adaptive reuse conversion of the historic Thomas Edison Battery Building—alongside The Mews at Edison Lofts, a 34-unit ground-up residential building.
At the time of the sale, the community was 95% occupied and featured a 32,000-square-foot amenity package, including a state-of-the-art fitness center, indoor pool, resident lounges, and expansive outdoor gathering spaces. Situated just off Interstate 280, the property offers seamless commuter access to major employment hubs across Northern New Jersey and Manhattan.
Cushman & Wakefield represented both the seller, Prism Partners and its capital partners, and the buyer, Sym Investments, in the transaction. The investment sales team was led by Niko Nicolaou, Ryan Dowd, JP Hohl, Michael Guerra, Kelly Kellett, and Alexandria Russo Ebers.
“Edison Lofts attracted significant investor interest because it offers a combination that is increasingly difficult to replicate in today’s market,” Nicolaou said. “The property delivers the character of a historic conversion with the scale, amenities and accessibility that continue to resonate with today’s renters.”
Additionally, Cushman & Wakefield’s Equity, Debt & Structured Finance team—comprising John Alascio, Brad Domenico, and Chuck Kohaut—secured a $91.7 million acquisition loan featuring a full-term interest-only structure provided by New York Life.
“Securing this level of execution in today’s market is increasingly selective,” Alascio said. “Lenders are focused on durability of cash flow, sponsorship and asset quality, and Edison Lofts clearly met that bar. Delivering institutional financing through a partner like New York Life reflects a thoughtful approach to structuring debt that aligns with the property’s long-term operating profile.”
