The professional services firm JLL announced this week that it secured $77.75 million in funding for the development of Vinty, a mixed-use project with 267 residential units and 37,000 square feet of ground-floor retail and office space across from the Elizabeth train station.
The project will be built on a 2.48-acre site at the corner of Union and West Grand streets. The address is 190 Union Street.
Steven Klein, a managing director at JLL Capital Markets, said, “Upon completion, this project and the future phases that the borrower has in its pipeline are going to transform the rental market at the Elizabeth Train Station.”
The project will consist of four stories with 25 studio, 175 one-bedroom, and 67 two-bedroom units above retail and office space and a 274-space parking garage.
Amenities will include a fitness center, yoga/cycling studio, virtual golf simulator, resort-style pool with hot tub and cabana seating, outdoor summer kitchen with grills, dog park, community lounge and entertainment room, resident greenhouse, outdoor theater, and package concierge system. The units will include washers and dryers, plank flooring, and walk-in closets.
The project is due to be completed in the first quarter of 2021.
The JLL Capital Markets team representing the developer included Managing Directors Jeff Julien, Rob Hinckley, Michael Klein, Steven Klein, and Director Mark Mahasky.
“Both banks quickly understood the strength of the market, depth of the unit, and community amenities that will be developed and the appeal of the site’s location steps from the train to Newark Liberty Airport, Newark Penn Station, and the PATH to New York City,” Michael Klein said. “These factors will draw renters to Vinty for years to come.”