Rendering of the luxury senior housing development, Soho Park Residences.
JLL Capital Markets has arranged $29.5 million in construction financing for the Soho Park Residences, a luxury development for individuals aged 55 and older in Nutley, New Jersey. This project will feature 85 units and is expected to enhance the housing options for the aging population in the area. Featuring resort-style amenities, the residences aim to foster a vibrant community atmosphere. The strategic location near downtown Nutley and major transportation routes further adds to its appeal, ensuring convenient access for residents. Construction is slated to start in spring 2025.
In a significant move for the housing market, $29.5 million in construction financing has been secured for the Soho Park Residences, a luxury residential development aimed at the 55 and older demographic in Nutley, New Jersey. The financing was facilitated by JLL Capital Markets, a global real estate capital solutions provider.
Soho Park Residences is set to be an 85-unit age-restricted luxury residential building, which will be constructed by Rock Solid Builders Inc. The new development promises to address the increasing demand for upscale rental options tailored to the aging population in Essex County. This investment reflects a growing recognition of the need for quality housing solutions for empty nesters.
The financing arrangement consists of a 2.5-year, floating-rate loan provided through Kearny Bank. Vertical construction on this promising project is anticipated to commence in spring 2025, with completion projected for spring 2027. The innovative design features a three-story structure that will be built over a concrete parking podium, showcasing modern architecture that caters to 55+ residents.
In total, the development will include 148 garage parking spaces to accommodate residents and guests. Soho Park Residences will offer a variety of luxury apartments, featuring both one- and two-bedroom layouts. The average unit is expected to measure around 1,110 square feet, providing ample space for comfortable living.
Residents of the Soho Park Residences will enjoy resort-style amenities that are set to enhance their living experience. These amenities include a state-of-the-art fitness and wellness center, a library, a sun deck with pool, and outdoor spaces equipped with BBQ grills and firepits. An inviting clubroom will also be available for residents to gather and socialize. This combination of features aims to foster a vibrant community atmosphere.
The property is strategically located at 116 Harrison Street in Nutley, ensuring excellent connectivity for its future residents. Being just steps away from downtown Nutley, the location provides easy access to various amenities and services. Additionally, major highways such as the Garden State Parkway, Route 3, and Route 21 are conveniently reachable, offering straightforward commuting options.
For those who rely on public transport, Delawanna Train Station is situated only 2.8 miles away, providing direct service to New York Penn Station in approximately 30 minutes. This accessibility highlights the appeal of the Soho Park Residences for those looking to maintain a connection to the bustling metropolis while enjoying a serene living environment.
The project has garnered important support from JLL’s Debt Advisory team, led by experienced professionals, further underscoring the robust financing and planning behind the endeavor. Emphasis has been placed on the significance of the development in providing rental housing options for a demographic that increasingly seeks comfortable yet upscale living spaces.
In conclusion, the Soho Park Residences in Nutley represents a key advancement in responding to the growing need for luxury rental housing for seniors. This initiative not only aims to provide high-quality living options but also seeks to create a dynamic social landscape that will benefit the entire Nutley community as it evolves. With construction set to begin in spring 2025, the anticipation for this project continues to build.
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