Advance Realty Investors Secures $173.4 Million Construction Loan From Northwestern Mutual And Menora Mivtachim

The asset involved in this transaction is a development site located on South 5th Street in Harrison, NJ. Advance Realty Investors, represented by Alex Cocoziello, has secured a construction loan amounting to $173.4 million to facilitate the development of the fourth phase of its Riverbend District. This project aims to incorporate 524 market-rate apartments, 12,000 square feet of retail space, and a 355-space parking garage, part of a broader plan that envisions 3,800 residences across a 35-acre mixed-use development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $173,400,000
• Lender: Northwestern Mutual & Menora Mivtachim
• Landlord: Alex Cocoziello - Advance Realty Investors
• Brokers: John Alascio, Chuck Kohaut, Mitch Rothstein, Niko Nicolaou & Ryan Dowd - Cushman & Wakefield

This transaction is notable for the involvement of major financial institutions, with Northwestern Mutual and Menora Mivtachim providing the funding necessary for advancing the Riverbend District project. The brokers representing the deal, John Alascio, Chuck Kohaut, Mitch Rothstein, Niko Nicolaou, and Ryan Dowd from Cushman & Wakefield, played a key role in facilitating this significant loan agreement, which will support a large-scale development in the region.