New Jersey developer gets $91m construction financing for multi-housing development

PARQ Builders has plans to develop PARQ, a 275-unit, class A to-be-built apartment community located in Parsippany, Morris County, N.J.

JLL Capital Markets arranged $68.2 million in senior debt and $22.7 million in mezzanine construction financing for the borrower.

PARQ is the first phase of a larger project that will transform Lanidex Plaza Office Park into a premier mixed-use development, featuring luxury apartments, retail space, upscale townhouses, class A office space and athletic fields. The next phases of the project will see nearly 500,000 square feet of 1980s vintage class B office space demolished for the development of luxury apartments and class A office space.

“We’re excited to change the narrative on multifamily development in Northern New Jersey from the typical infill spot development to a true ‘placemaking’ community,” said Haytham Haidar, managing director of Parq Builders. “PARQ will forge us into the 21st century with state-of-t