A new 89-unit apartment building is set to rise right next to the Morristown NJ Transit train station. With a $40 million construction loan secured, the Morristown Station development will offer residents the best of downtown Morristown and immediate access to NJ transit trains. Located at 1 Lackawanna Place, the new residential community will offer 13 affordable apartments.
The construction loan for the Morristown project was facilitated by CBRE Capital Markets’ Debt, Equity, and Structured Finance team of Matthew Pizzolato and Josh Stein, representing the borrower. Truist Bank provided the financing to developer Lackawanna Place Morristown Urban Renewal LLC.
“Morristown Station represents a best-in-class, transit-oriented residential opportunity that addresses the growing demand for both market-rate and affordable housing in Morristown,” noted CBRE’s Pizzolato. “By partnering with Truist Bank, we were able to structure a construction financing solution that supports the sponsors’ vision while positioning the project to set a new benchmark for multifamily development in the market.”
With 76 market-rate units and 13 affordable apartments, Morristown Station will also have roughly 5,111 square feet of ground-floor retail space. 74% of the units will be two-bedroom apartments, white the rest will be a mix of one-bedroom and studio layouts. Downtown Morristown offers an abundance of retail, dining, nightlife and other amenities. The residential development’s immediate proximity to the NJ Transit train station gives residents an easy commute with connections to NYC and the entire region.
