LOS ANGELES, CA - Parkview Financial announced today it has provided a $56 million construction loan to CMT Developers, LLC for the development of Phase I of Jersey Walk, a Class A apartment community located at 901 E. Jersey Street in Elizabeth, NJ. The 5.41-acre development site is that of the former Elizabeth General Hospital which vacated more than two decades ago.
Phase I is planned for two, six-story buildings totaling 218,292 square feet (sf) and will include 274 studio, one-bedroom, and two-bedroom units and 3,000 sf of ground-level retail space. High-end finishes for the apartment units will include engineered hardwood/vinyl flooring, full kitchen with stainless steel appliances, quartz countertops, and in-unit washer and dryer. On-site amenities will feature an indoor pool, gym, conference area, business center, theater, multiple resident lounges, dog park, kitchen area, community garden, yoga room, and rooftop lounge. Additionally, a 540-space free-standing parking garage has been retained from the original hospital development and will be renovated and opened for tenants’ use. Construction on Phase I has now commenced with completion anticipated for Spring 2021.
Phase II is planned to include two, six-story buildings and 240 units. Construction commencement has not yet been determined for this phase.
“CMT Developers is an experienced firm with a track record of success in mitigating issues with challenging sites. The company’s plan demonstrates a commitment to delivering this infill site to its highest and best use,” said Paul Rahimian, President and CEO of Parkview Financial. “As a result of smaller unit floorplans which average 683 sf, CMT will be able to provide residents with luxury multifamily units and superior amenities at a lower price point.”
Rahimian noted that the submarket is seeing a high apartment occupancy rate of approximately 98 percent, demonstrating a high demand for multifamily housing.
Located on E Jersey Street and near the major cross street of Spring Street, the site is within walking distance of the Citi Grocer, the Elizabeth Avenue business district, the Elizabeth Train Station and other public transit options, as well as a number of retail and dining amenities.