New York & Tri-State + New Jersey + Apartments | April 6, 2021

Prism Secures New Financing for Edson Lofts Adaptive Reuse

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.

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About Paul Bubny

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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