Jersey Walk Developer Scores $56M Construction Financing
The Elizabeth General Hospital was shuttered more than two decades ago. The mixed-use project at 901 E. Jersey St. will be developed on a 5.41-acre site.
ELIZABETH, NJ—CMT Developers, LLC of Lakewood, NJ has secured a $56-million construction loan from Los Angeles-based Parkview Financial for the first phase of the Jersey Walk development here being built on the former Elizabeth General Hospital site.
The Elizabeth General Hospital was shuttered more than two decades ago. The mixed-use project at 901 E. Jersey St. will be developed on a 5.41-acre site. Construction on phase one has begun with completion anticipated for Spring 2021.
Phase I of the project is planned for two, six-story buildings totaling 218,292 square feet and will include 274 studio, one-bedroom, and two-bedroom units and 3,000 sf of ground-level retail space.
The apartment units will feature engineered hardwood/vinyl flooring, full kitchen with stainless steel appliances, quartz countertops and in-unit washer and dryer. On-site amenities will feature an indoor pool, gym, conference area, business center, theater, multiple resident lounges, dog park, kitchen area, community garden, yoga room and rooftop lounge. A 540-space free-standing parking garage has been retained from the original hospital development and will be renovated and opened for tenants’ use.
“CMT Developers is an experienced firm with a track record of success in mitigating issues with challenging sites. The company’s plan demonstrates a commitment to delivering this infill site to its highest and best use,” says Paul Rahimian, president and CEO of Parkview Financial. “As a result of smaller unit floorplans which average 683 square feet, CMT will be able to provide residents with luxury multifamily units and superior amenities at a lower price point.”
Rahimian adds that the submarket is seeing a high apartment occupancy rate of approximately 98%, demonstrating a high demand for multifamily housing.
Located on E Jersey Street and near the major cross street of Spring Street, the site is within walking distance of the Citi Grocer, the Elizabeth Avenue business district, the Elizabeth Train Station and other public transit options, as well as a number of retail and dining amenities.
Phase two is planned to include two, six-story buildings and 240 units. The construction schedule for phase two has not yet been determined.