$146M Loan Secured For Two Multifamily Projects
Accurate Builders and Developers will utilize the construction financing to develop 545 multifamily units and 60 townhomes in Basking Ridge, NJ and Parsippany, NJ.
PARSIPPANY, NJ – Accurate Builders and Developers has secured a $145.7 million construction loan from Madison Realty Capital, for the development of two multifamily projects in New Jersey.
The loan will finance the acquisition of the properties and will fund the construction of the two developments.
The projects comprise the 325-unit, The Morrison, located at 100-120 Cherry Hill Rd. in Parsippany, NJ, and the 220-unit multifamily property and adjacent 60 townhomes, The Mountainview, located at 180-181 Mountainview Blvd. in Basking Ridge, NJ.
The two properties were acquired in 2020 and are fully approved to break ground.
The Morrison’s two residential buildings will offer studios, one-, two- and three-bedroom apartments, as well as a garage, courtyard, pool and recreation space.
The Mountainview will span 76-acres of land and will offer studios, one-, two- and three-bedroom apartments, as well as three-bedroom townhome units, which will each include a garage. The Mountainview community will feature amenities including a clubhouse, an outdoor pool, a fitness center, an event room, a lounge and a game room.
“We are pleased to provide an efficient, bespoke financing solution to support the construction of class A, highly-amenitized residential properties in attractive, high barrier to entry New Jersey markets,” states Josh Zegen, managing principal and co-founder of Madison Realty Capital. “Accurate Builders is a prolific New Jersey commercial real estate developer with a strong development pipeline of more than 2,000 residential units and 800,000 commercial square feet across New Jersey, and we look forward to further expanding our relationship with a repeat borrower.”