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(Read more on the multifamily market.)

FRANKLIN TWP., NJ-Construction is under way for Laduree, a 384-unit luxury condo project in this Somerset County township. The project will rise in several buildings that, on the design side, its developers term “Parisian-inspired.” Total cost of the project has been set at $51.4 million.

And the joint-venture developers of Laduree are Pinnacle Communities, a division of the Chatham-based Pinnacle Cos., and the Teaneck-based Kohl Partners LLC. The partners won approval for the project a year ago.

“It’s taking shape,” says Mary Boorman, Pinnacle’s SVP for development, sales and marketing. The project’s foundations are being poured, and construction is about to start for the clubhouse, which will have an indoor pool and “will serve as the focal point of the community,” she says.

The gated Laduree is located on 42 wood acres at 1350 Easton Ave. here. The buildings will include garages below the individual units, and when it’s up and running residents will be offered what Boorman terms “hotel-style amenities.” Unit sales actually began in June, according to Boorman, “and 25% of the first phase of the community has already sold.” Initial move-ins are expected to start by mid-2008.

The start of actual construction follows the reception, earlier this year, of construction financing by the joint venture partners. As reported by GlobeSt.com, the developers picked up a $51.4-million package in April from M&T Bank.

Pinnacle Communities is part of a group of companies that includes Pinnacle Custom and Pinnacle Downtown, with all three primarily residential developers. In 2006, Pinnacle was featured in an episode of “Extreme Makeover: Home Edition” on ABC television, involving a residential makeover in Bergenfield.

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