Prism Partners Trades Two-Building Edison Lofts for $131M

Cushman & Wakefield arranged the $131-million investment sale of Edison Lofts, a 334-unit luxury multifamily community with nearly 19,000 square feet of retail space at 33 Ashland Ave. in West Orange, NJ.

The Cushman & Wakefield team of Niko Nicolaou, Ryan Dowd, JP Hohl, Michael Guerra, Kelly Kellett and Alexandria Russo Ebers represented both the seller, Prism Partners and its capital partners, and the buyer, Sym Investments. Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio, Brad Domenico, and Chuck Kohaut arranged a $91.7-million acquisition loan featuring a full-term interest-only structure from New York Life.

“Edison Lofts attracted significant investor interest because it offers a combination that is increasingly difficult to replicate in today’s market,” said Nicolaou. “The property delivers the character of a historic conversion with the scale, amenities and accessibility that continue to resonate with today’s renters. Coupled with strong occupancy and a favorable tax pilot, it represented a rare opportunity to acquire a well-positioned multifamily asset in one of Northern New Jersey’s most active investment markets.”

Edison Lofts comprises two residential buildings totaling 334 apartments. The community includes The Residences at Edison Lofts, a 300-unit conversion of the historic Thomas Edison Battery Building, a former manufacturing building, and The Mews at Edison Lofts, a 34-unit ground-up residential building.