14 Summit

BlueGate Partners has been engaged on an exclusive basis by Blue Onyx (the “Sponsor”) to secure construction financing and preferred equity/joint-venture equity for 14 Summit Street, a to-be-developed, transit-oriented 78-unit multifamily community. The Site is located near the intersection of the Garden State Parkway and I-280, in central Essex County. Situated in the heart of East Orange, the Development is approximately 0.4 miles from Main Street (the town’s commercial corridor), and roughly a 0.4 mile or 7-minute walk to the East Orange NJ Transit station, which offers direct access to NYC’s Penn Station.

The Project is fully-approved. The Sponsor purchased the 14 Summit Street parcel from the City of East Orange (“the City”) in 2017 and closed on the 158 N Walnut Street parcel in 2019, in order to expand the Site. The Sponsor has completed its CD’s & permit applications, executed a highly-beneficial PILOT agreement with the City, and anticipates beginning construction in Q2 2023. The Project will be a five-story building featuring a mix of studio, 1-bedroom, and 2-bedroom units, with 20 covered and 58 uncovered ground-floor parking spaces. The building will also include roughly 4,000 SF of amenity space that will feature a fitness center, resident lounge, co-working space, laundry room, bike storage, mail/package room, pet washing room, multiple rooftop terraces, and rentable storage spaces.

INVESTMENT HIGHLIGHTS

• Local Market Expertise with $250MM+ Pipeline
• Excellent Regional & New York Metro Access
• Fully-Approved Site & Shovel Ready
• Outstanding 25-Year PILOT & RAB Agreement
• Qualified Opportunity Zone Investment
• Community Reinvestment Act
• Significant Essex County I-280 Corridor Capital Investment
• Noteworthy Developments in Immediate Vicinity
• Obsolete Housing Stock
• High Occupancy, No Concessions Past Lease-Up