LeCesse-MAS Development Secure $78M for West Elizabeth Mixed-Use Project
Brokerage firm JLL worked on behalf of LeCesse Development Corp. and MAS Development Group to secure a $55-million construction loan through Citizens Bank and Lakeland Bank for the Vinty.
WEST ELIZABETH, NJ—The developers of the Vinty mixed-use project here has secured $77.75 million in financing for the venture.
Brokerage firm JLL worked on behalf of LeCesse Development Corp. and MAS Development Group to secure a $55-million construction loan through Citizens Bank and Lakeland Bank for the Vinty. JLL also reports that the developers also secured preferred equity from Marble Capital, LP. Proceeds will fund the ground up development of the project that calls for 267 residential units and 37,000 ground feet of retail space.
The project is due for completion in first quarter 2021.
The Vinty will be developed on a 2.48-acre site at the corner of Union and W. Grand streets across the street from the Elizabeth NJ Transit Station.
The project will consist of four stories of residential units with 25 studio, 175 one-bedroom and 67 two-bedroom floor plans above 37,000 square feet of retail and office space and a 274-space parking garage.
The JLL Capital Markets team representing the developer included managing directors Jeff Julien, Rob Hinckley, Michael Klein, Steven Klein and director Mark Mahasky in the financing deal.
“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 added. “These factors will draw renters to Vinty for years to come.”
The community’s amenity package 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, community lounge and entertainment room, dog park, resident greenhouse, outdoor theater and package concierge system. Home interiors will feature high-end finishes such as quartz countertops, stainless steel appliances, modern cabinetry, undermount sinks, smart home features, in-unit washers and dryers, plank flooring and walk-in closets.