The Nell, a mixed-use multifamily development located at 100 South Washington Avenue in Dunellen, NJ, has obtained $53.9 million in takeout construction financing. The loan, provided by New York Life Real Estate Investors, replaces a previous $52 million construction loan from Valley National Bank. The Nell is situated near the Dunellen New Jersey Transit train station and features residential units, townhomes, and retail space.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $53,900,000
• Lender: New York Life Real Estate Investors
• Landlord: Eugene Diaz - Prism Capital Partners
• Brokers: Greg Halvorson & Rodney Shenman - KeyBank Real Estate Capital
• Loan Type: Construction Loan
• Loan Terms: Seven-year fixed-rate loan

Prism Capital Partners, represented by Eugene Diaz of Prism Capital Partners, secured the takeout construction financing for The Nell. The loan, provided by New York Life Real Estate Investors, will support the development of this mixed-use multifamily project in Dunellen, NJ. The financing allows for the completion of residential units, townhomes, and retail spaces near the Dunellen New Jersey Transit train station.