News Summary
JLL Capital Markets has arranged $29.5 million in construction financing for the Soho Park Residences, a luxury development for individuals aged 55 and older in Nutley, New Jersey. This project will feature 85 units and is expected to enhance the housing options for the aging population in the area. Featuring resort-style amenities, the residences aim to foster a vibrant community atmosphere. The strategic location near downtown Nutley and major transportation routes further adds to its appeal, ensuring convenient access for residents. Construction is slated to start in spring 2025.
New Luxury Development for Seniors Announced in Nutley, New Jersey
Construction financing amounting to $29.5 million has been secured for a new luxury residential development aimed at individuals aged 55 and above in Nutley, New Jersey. This financing was arranged by capital markets firm JLL, which facilitated a 2.5-year, floating-rate loan through Kearny Bank.
Details of the Project
The development, named Soho Park Residences, will feature a total of 85 age-restricted luxury apartments. The design consists of a three-story building strategically built over a concrete parking podium, which will accommodate 148 garage parking spaces.
Residents can expect a selection of one- and two-bedroom apartments, with the average unit size set at approximately 1,110 square feet. Vertical construction is anticipated to commence in spring 2025, with project completion projected for spring 2027.
Amenities and Location
Soho Park Residences will not only focus on modern living spaces but will also provide a range of resort-style amenities for its residents. Planned features include:
- State-of-the-art fitness and wellness center
- Library
- Sun deck with pool
- BBQ grills
- Firepits
- Clubroom
Located at 116 Harrison Street, the development is conveniently situated just steps away from downtown Nutley, offering residents excellent connectivity. The property provides easy access to major highways including the Garden State Parkway, Route 3, and Route 21. Additionally, the Delawanna Train Station is merely 2.8 miles away, offering direct service to New York Penn Station in approximately 30 minutes.
Addressing Community Needs
The project aims to meet the growing demand for upscale rental housing targeted at the aging population in Essex County. The development is expected to attract empty nesters seeking a quality lifestyle with easily accessible facilities and a sense of community.
The financing was facilitated by a proficient team from JLL’s Debt Advisory division, demonstrating their capability to provide tailored solutions for real estate developers. This project strengthens the portfolio of JLL Capital Markets, known globally for offering capital solutions and investment guidance with over 3,000 specialists worldwide.
Community Impact and Vision
Vitali Feldman, the President of Rock Solid Builders, emphasized that the focus of this development is not merely on building structures, but on creating a lasting social footprint within the community. The evolution of rental offerings tailored for seniors is crucial, especially as more people look for convenient, quality living arrangements.
As vertical construction is set to begin soon, anticipation builds within the Nutley community for this luxury residential project, which is designed to enhance the quality of life for its future residents while also contributing positively to the area’s development landscape.
Deeper Dive: News & Info About This Topic
Additional Resources
- Yield Pro: Soho Park Residences
- Wikipedia: Aging in Place
- Patch: Luxury Apartments for Seniors in Nutley
- Google Search: Senior Housing Finance
- Yield Pro: Level at Sixteenth
- Google Scholar: Aging Population Housing
- Yield Pro: Ward Avenue
- Encyclopedia Britannica: Senior Living
- Yield Pro: Avana Desert View
- Google News: Real Estate Development
- Yield Pro: The Lively Drayton Mills
