Development of 51-Unit Apartments
Parkview Financial has provided a $12.5 million construction loan to an affiliate of Irvington, New Jersey-based KW Contracting Construction Corp., for the development of The Legacy, a 51-unit apartment project located at 751 Vose Avenue in Orange, NJ (Essex County). With this loan, construction has now commenced with completion anticipated for summer 2022.
The Legacy will be situated on .43 acres and will include one, five-story building totaling just over 62,000 square feet. The unit mix will include one- and two-bedroom units that feature engineered hardwood flooring, stainless steel appliances, quartz countertops and in-unit washer/dryers. On-site amenities will offer a resident lounge area, fitness center, rooftop terrace, management office, on-site parking, and Zip Car accessibility.
The site is located within a designated New Jersey transit village and is walkable to the South Orange Mountain Avenue train station which provides access to the metro area including Manhattan, and is less than a one-hour commute to New York’s Penn Station.
“Parkview Financial sees this submarket as one that demonstrates resilient demand for apartments, as vacancies have tightened during the pandemic,” said Paul Rahimian, CEO of Parkview Financial. “This increase in occupancy is likely a result of capturing renter outflow from New York City due to more people being able to work from home at least a portion of the time.”