Transit-Oriented Fair Lawn Multifamily Scores $67M Construction Loan

PCCP has provided a $66.85-million senior loan to Sterling Properties and Danbro Properties for the construction of Plaza Greene, a 145-unit, Class A, 55+ multifamily community with a ground-floor grocer in Fair Lawn, NJ. With the financing closed, demolition of an existing vacant retail building on the site has commenced, with construction completion expected in 2027.

Located at 22-01 Fair Lawn Ave., adjacent to an NJ Transit train station, Plaza Greene will be a four-story development featuring 145 residences, including 18 affordable units. The 24,000 square feet of retail space will be anchored by a 22,300-square-foot Sprouts Farmers Market.

“We believe Plaza Greene represents an attractive opportunity to finance a high-quality, grocery-anchored 55+ community in a supply-constrained market with strong demographic fundamentals,” said Lia Barsanti, SVP with PCCP. “Sterling and Danbro bring extensive experience developing multifamily communities throughout New Jersey, and we believe the project’s transit-oriented location, amenity package, and proximity to retail and services will resonate strongly with the area’s growing 55+ population.”