Madison Realty Capital has originated a $145.7 million construction loan to Accurate Builders & Developers for a 325-unit multifamily project located at 100-120 Cherry Hill Road in Parsippany, New Jersey, and a 220-unit multifamily property with an adjacent 60 townhomes located at 180-181 Mountainview Boulevard in Basking Ridge, New Jersey.
“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,” said 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.”
The loan will be used to finance the acquisition and fund construction of the Parsippany site, known as The Morrison and the Basking Ridge property named, The Mountainview, both of which were acquired in 2020 and are fully approved to break ground.
The Morrison will consist of two residential buildings with studios, one-, two- and three-bedroom apartments and include a garage, courtyard, pool and recreation space.
Spanning 76 acres, The Mountainview (rendering top) will offer studios, one-, two- and three-bedroom apartments and three-bedroom townhome units which will include a garage. Residents of The Mountainview apartments and townhomes will have access to high quality amenities including a clubhouse, outdoor pool, fitness center, event room, lounge and game room.