Property

14 Summit

Location

East Orange, NJ

Size

78 Units

Value

Confidential

Type

JV Equity / Construction Financing

Property

14 Summit

Location

East Orange, NJ

Size

76,685 SF

Value

$1,687.00 M

Type

JV Equity / Construction Financing

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

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