With $29.5M in construction financing secured by JLLCapital Markets, Rock Solid Builders, Inc. has begun vertical construction on Soho Park Residences. The 85-unit development is designed for residents 55 and over. Located at 116 Harrison Street, the luxury apartments will be steps from downtown Nutley.
JLL Capital Markets’ Debt Advisory team of Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, Associate Michael Mataras and Analyst Michael Donohoe worked on behalf of Fair Lawn’s Rock Solid Builders. The team negotiated the floating-rate, 2.5-year loan through Kearny Bank.
“This development addresses the growing need for luxury rental housing among the maturing population in Essex County, particularly as township residents become empty nesters and seek to escape the responsibilities of homeownership while remaining close to family,” commented JLL’s Thomas Didio, Jr.
The three-story residential structure will be constructed above a parking podium with 148 spaces. The Nutley property will feature luxury one- and two-bedroom units with an average size of over 1,110 square feet. Amenities will include a fitness and wellness center, fire pits, sundeck, pool, BBQ’s, library and a resident clubroom.
“Development isn’t about square footage – it’s about social footprint. Our work shapes place, purpose and people’s lives,” added Vitali Feldman, President of Rock Solid Builders.
Soho Park residences will offer easy access to the Garden State Pkwy, Route 21 and Route 3. The community is a short drive to Delawanna Train Station, which has direct service to New York Penn Station in 30 minutes.
The development addresses Nutley’s growing 50+ population, which currently stands at 36.7%. Also, the property will benefit from tax abatement as part of a New Jersey redevelopment PILOT program.
