Prism Capital Partners has secured new financing for Edison Lofts at Edison Village, the firm’s adaptive re-use of Thomas Edison’s historic Invention Factory and Commerce Center in West Orange, NJ. The move from a construction loan to permanent financing marks continued progress for the luxury rental community.
“Securing new financing and reaching another leasing milestone reflect sustained progress for Edison Lofts,” said Prism’s Edwin Cohen, principal partner. “As the spring season ramps up, so are leasing inquiries. This includes an uptick in interest from New York City renters seeking an urban, walkable lifestyle at a more affordable price point.”
Financing terms weren’t disclosed. The Residences at Edison Lofts features 300 homes, including 21 penthouses with private outdoor terraces, housed in the completely reimagined 100-year-old factory building. The Mews at Edison Lofts, constructed from the ground up, houses a boutique collection of 34 homes with limited availability remaining.
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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