FRANKLIN TWP., NJ-Construction and unit sales are set to begin at Laduree, a new active adult condo community here. The project's start coincides with the receipt of a construction loan amounting to $51.4 million by developer Pinnacle Communities and its partners in the project, Kohl Partners and TriCon. The funding came from M&T Bank; further details were not released.
Laduree will bring 384 luxury condos of up to 2,400 sf to market, according to Mary Boorman, SVP of marketing and strategic planning for the Chatham-based Pinnacle Communities. Actual sales will begin later this spring for a community that Boorman describes as "what's next" in luxury communities.
Located on 42 wooded acres near Interstate 287 in this Somerset County community, the community will feature an "art deco-inspired" design, Boorman says. On-site features will include a clubhouse, a grand salon, indoor spa and swimming pool, courtyard gardens and hotel-style services. Total cost of the project has not been released.
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