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MRC closes $67.5M loan for Harrison multifamily projects

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Rendering for Harrison Station in Harrison.
Rendering for Harrison Station in Harrison. - ()

Madison Realty Capital announced Thursday it has closed a $67.5 million loan for the acquisition and construction of two multifamily development sites in Harrison.

The loan was acquired on behalf of a partnership between Fairfield-based real estate company Accordia Realty Ventures and private equity firm Eastone Equities.

According to MRC, the 205-unit multifamily development project and adjacent 435-unit approved project, which served as collateral for the loan, sit along Frank E. Rodgers Boulevard.

Completion of the first phase of 700 Frank E. Rodgers Blvd. is expected by spring, with all preparation work and infrastructure for both phases having been completed by the sites’ previous owner, MRC said.

Josh Zegen, MRC co-founder and managing principal, said the deal took three weeks to complete, adding completed construction at the site, among other factors, served to mitigate the risk involved in the transaction.

The development team working on the project also includes Parsippany-based Hollister Construction Services, as general contractor; NK Architects of Morristown, as design architect; Short Hills-based Studio 1200, as interior designer; and New York City-based The Marketing Directors, as leasing and marketing agent.

MRC is a New York City-based real estate private equity firm.

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Jessica Perry

Jessica Perry

Jessica is the Web Editor for NJBIZ. You can reach her at jperry@njbiz.com.

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