A 92-unit luxury apartment community with an affordable housing component in West Caldwell, Essex County, secured $30.7 million in construction financing, CBRE announced.
The CBRE Debt & Structured Finance team arranged the financing for developer Accordia Real Estate by Principal Financial.
The four-story project, called The Vail, will be at 780 Passaic Avenue and will include 19 affordable-housing units.
“We continue to see strong interest from lenders for well-located multifamily developments backed by experienced sponsors such as Accordia Real Estate,” Matthew Pizzolato, CBRE senior vice president, said in a statement. “Principal recognized the strength of The Vail’s sponsorship, location and overall business plan, and ultimately stepped up to provide the most competitive financing terms to help bring this exceptional project to fruition.”
Welsh Farms Ice Cream Inc. was located on the site, and its building has since been demolished.
“We are excited to breathe new life into this prominently located site, which has remained dormant for years,” Jason Bogart, founding principal of Fairfield-based Accordia Real Estate, said in a statement.
Amenities at The Vail will include a fitness center, coworking areas, a pet-friendly dog park, BBQ grilling stations, and covered parking.
