Accurate Builders and Developers has secured $145.7 million in financing from Madison Realty Capital to build two multifamily and townhome projects in northern New Jersey, CO first reported. The debt will go toward the site acquisition and subsequent construction of 325 units at 100-120 Cherry Hill Road in Parsippany, as well as 220 units and 60 adjacent townhomes at 180-181 Mountainview Boulevard in Basking Ridge.
Worth Noting: The Parsippany development will be called The Morrison, while the development in Basking Ridge will be known as The Residences at Mountainview. Accurate Builders purchased both sites last year and has obtained the approvals necessary to break ground on both projects, which are located about 18 miles from each other in suburban northeastern New Jersey, the Observer noted.
Heard on the Street: Madison Realty Capital’s Josh Zegen: “The sponsor is a prolific New Jersey commercial real estate developer with a strong development pipeline of more than 2,000 residential units and 800,000 commercial SF across New Jersey, and we look forward to further expanding our relationship with a repeat borrower.” [CO]