(To read more on the multifamily market, click here.)

RED BANK, NJ-Ground has been broken for the Metropolitan Red Bank, a combination residential condo and professional office project on Wallace St. in this city’s downtown area. A project of Pyramid Property Partners of Woodbridge, NJ, the building will have 37 one- and two-bedroom condo units and 6,000 sf of ground floor office space. The site plan also includes two below-grade parking spaces per residential unit and 35 upper deck spaces for the commercial tenants.

“This market has solid economic fundamentals and business growth,” says Harvey Schultz, a partner of Pyramid. “The combination of luxury residential and office space suits the area,” he says, noting that the Woodbridge-based Schultz Residential has been hired as marketing agent for the residential units.

As reported by GlobeSt.com, Pyramid received a $19.93 construction loan in October for The Metropolitan. The financing came from Commerce Bank in a deal arranged by Holliday Fenoglio Fowler. The project is expected to come online during the summer of 2007.

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