A massive undertaking to revitalize post-industrial land along the banks of the Passaic River just got a jolt in the arm as the next portion of the ambitious Riverbend development is moving forward.
Advance Realty Investors recently announced that they have secured a $173.4 million construction loan for what is known as Block B2 of their Riverbend District. The endeavor is a master-planned development that spans about 35 acres near the Harrison PATH Station and Sports Illustrated Stadium, home to the New York Red Bulls.
The company has already delivered three residential properties totaling more than 900 apartments as part of the effort, and the fourth phase will bring another 524 units to the neighborhood. Brokers with Cushman & Wakefield arranged the transaction, with Tel Aviv-based Menora Mivtachim providing the undisclosed equity investment and Northwestern Mutual providing the financing.
Designed by MHS Architecture, the fourth phase of Riverbend will rise on South Fifth Street and feature market-rate apartments. The development will additionally feature about 12,000 square feet of ground-floor retail space and a 355-space parking garage.
“The successful capitalization of Block B2 reflects the confidence our investment and lending partners have in both our proven track record in Harrison and our long-term vision for the Riverbend District,” said Alex Cocoziello, principal and chief investment officer of Advance Realty Investors. “With three phases already delivered, this project continues the disciplined execution of our master plan, reinforcing Riverbend’s role in Harrison’s emergence as one of the region’s premier transit-oriented destinations.”
The full Riverbend District is slated to include roughly 3,800 residences and 100,000 square feet of retail and commercial space, with further expansions in the works for property just north of the upcoming phase and on three vacant block-long parcels Advance owns to the north and west of phase four.
