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1 Lackawanna Place

Updated Jan 9, 2026

Lackawanna Place Morristown Urban Renewal LLC Secures $40 Million Loan From Truist Bank
FINANCEDDevelopment Site

Lackawanna Place Morristown Urban Renewal LLC Secures $40 Million Loan From Truist Bank

1 Lackawanna Place

$40,000,000

Units

89

Asset Type

Development Site

Closing

Jan 8, 2026

About this deal

AI

The property asset involved in this transaction is a development site located at 1 Lackawanna Place, situated in the Morristown market. The property is set to feature a construction loan amounting to $40 million. The project will consist of 89 residential units, including 76 market-rate units and 13 affordable units, along with 5,111 square feet of ground-floor retail space. The unit mix is primarily weighted toward two-bedroom apartments, enhancing the development's appeal to prospective residents.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $40,000,000
  • Lender: Truist Bank
  • Landlord: Lackawanna Place Morristown Urban Renewal LLC
  • Brokers: Matthew Pizzolato & Josh Stein - CBRE
  • Project Type: Construction Loan

The transaction was arranged by CBRE, with Matthew Pizzolato and Josh Stein representing Lackawanna Place Morristown Urban Renewal LLC in securing the financing for the construction loan. This development is strategically located next to Morristown NJ Transit, positioning it favorably for potential tenants seeking convenient access to public transportation.

On the Map

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$40,000,000

Development Site

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Players

Matthew Pizzolato

CBRE

Broker

$1.5B

vol

38 deals

Broker
CBRE
CBREBrokerage
Truist Bank
Truist BankLender

Morristown Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.40%

Cash-on-Cash

-0.11%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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