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.