News May 03, 2021
NJ developer lands $400M apartment loan
The Real Deal is reporting that debt investment firm Madison Realty Capital has extended a $400 million loan to developer Jack Klugmann for a portfolio of properties in North Jersey, including the refinance of three newly built, luxury apartment buildings in Bayonne, Raritan and Linden with 1,161 total units, and predevelopment financing for another 4,200 apartment units centered around the former Newark Bears Stadium. “We’re going to be building a min-city over here,” said Klugmann of the mixed-use project, which is slated to begin construction next year. Madison Realty Capital Managing Principal and Co-Founder, Josh Zegen, called the project a “once-in-a-generation” opportunity that will revitalize downtown Newark.