MRC Provides $395M Debt on NJ Multifamily Portfolio
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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