Madison Realty Capital (MRC) provided a $395-million loan to Accurate Builders & Developers for a portfolio of assets that includes three nearly-complete multifamily properties located in Bayonne, Raritan and Linden, NJ. The portfolio includes 1,161 units nearing completion and an eight-acre development at the site of the former Bears Stadium in Newark that’s tied to plans to develop 4,200 residential units.
“We are thrilled to expand our relationship with Jack Klugmann of Accurate Builders & Developers and to work with the Town of Newark on this exciting, once-in-a-generation project that benefits the economic revitalization of downtown and will bring much needed high quality housing options,” said Josh Zegen, MRC managing principal. “Bayonne, Raritan and Linden are attractive, transit-oriented locations with growing demand for high-quality rental housing options.”
Shaya Ackerman of Meridian Capital Group arranged the acquisition financing for the Newark site, which is part of a master-planned community.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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