Pearlmark has announced it closed on a $10 million mezzanine debt investment to refinance Vinty Apartments in Elizabeth, N.J. Vinty Apartments is a five-story, 267-unit multifamily property with approximately 32,000 square feet of ground-floor commercial space.
The investment was made on behalf of Pearlmark Mezzanine Realty Partners V. An entity managed by Argentic provided the senior loan. JLL represented LeCesse Development Corporation and MAS Development Group in the recapitalization.
The property is adjacent to the Elizabeth train station, providing easy access to New York City’s Penn Station. Vinty Apartments is located in an opportunity zone and is the first part of a four-phase development project. Phase I construction has been completed, and the apartments are currently 85 percent leased, with the commercial space 68 percent leased. Sponsorship plans to lease up the remaining multifamily units and the remaining commercial space before developing the three add
