 |
Vinty, a 267-unit, Class A, mixed-use development
in Elizabeth, NJ |
ELIZABETH, NJ – JLL Capital
Markets has secured the $97.25 million financing for Vinty, a 267-unit, Class
A, mixed-use development in Elizabeth, New Jersey.
JLL
worked on behalf of the borrower, LeCesse Development Corporation and MAS
Development Group, to secure the two-year, senior floating-rate loan through an
entity managed by Argentic Investment Management LLC (“Argentic”).
 |
| Michael Klein |
The
JLL Capital Markets Debt Advisory Team was led by Senior Managing Directors Michael
Klein and Steven Klein, Director Gerard Quinn and Analyst Benjamin
Morgenthal.
“Vinty represents the first
phase of a transformational placemaking community for downtown Elizabeth.
Residents, businesses owners and the overall city will benefit from the vision
and sense of community that MAS Development and LeCesse Development have created
at Vinty for years to come,” said Michael Klein
Delivered
in 2022, Vinty consists of studio, one- and two-bedroom units, as well as
32,272 square feet of ground-floor retail and commercial space.
 |
| Steven Klein |
The Property
offers a community amenity package, including a fitness center, yoga/cycling
studio, resort-style pool, outdoor summer kitchen, outdoor theater, community
lounge, a golf simulator, dog park, co-working zone and more.
The interior unit finishes feature quartz
countertops, stainless steel appliances, in-unit washers and dryers, wood-style
plank flooring and large walk-in closets and bathrooms.
The commercial space includes a
3,315-square-foot sous vide food hall, a high-end private office/co-working
space and a Northfield Bank branch.
Located within an Opportunity
Zone, Vinty sits at 100 Union Street, directly across the street from the New
Jersey Transit Elizabeth Station.
 |
| Gerard Quinn |
Two New Jersey Transit lines,
the Northeast Corridor and North Jersey Coast Line, converge in Elizabeth to
allow for superior accessibility to major employment hubs throughout New
Jersey, as well as New York Penn Station.
The property provides walkability to Broad Street and Morris
Avenue, Elizabeth’s main downtown corridors, as well as nearby employment opportunities
at Union County College, Trinitas Regional Medical Center, the Union County
courthouse and more.
Additionally, it is just four
miles from Cranford and Westfield which features charming downtown areas with a
variety of shops, boutiques and restaurants.
 |
| Benjamin Morgenthal |
“Argentic quickly recognized
the quality of product, including the spaciously appointed units, the abundance
of community amenities and the connectivity between the residential and
commercial spaces, that the borrower has created.
"Argentic was able to
provide a highly competitive deal structure that will allow MAS and LeCesse to
continue to season the property,” said Steven Klein.
JLL Capital Markets is a full-service global
provider of capital solutions for real estate investors and occupiers.
The firm's in-depth local market and global
investor knowledge delivers the best-in-class solutions for clients — whether
investment and sales advisory, debt advisory, equity advisory or a
recapitalization.
The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on
JLL, please visit our newsroom.
Contact
Jenna Sharp
JLL, Public Relations
Dallas, Texas
M +1 214 394 3356
Jenna.Sharp@jll.com
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