PEEK Properties received $ 9.8 million in funding for the construction of Apex Orange Crossing, a 50 unit Class A property in Orange City, NJ Meridian Capital and Bogota Savings Bank guaranteed the loan . With construction underway, the property is one of three upcoming PEEK communities in the city’s qualified opportunity areas.
The site is located at 276 Reock Street, near the NJ Transit Orange station, in the city’s Reock Street redevelopment area. The property is located near Interstate 280 and the Main Street shopping corridor. Central Newark, NJ is 5 miles southeast, while Elizabeth, NJ is within 10 miles.
The development is expected to last 14 months, with the lease to be completed in winter 2022, said Emanuel Klein, Managing Partner of PEEK. The property is part of Orange Crossing’s $ 59 million development, which will be implemented in three stages. The second stage, named Reock II, will consist of 99 units at 495 Day St., while Reock III is expected to create 91 units at 72 S. Essex Ave.
Apex Orange Crossing will offer studio, one-bedroom and two-bedroom apartments at market prices. Common areas include a gym, car charging stations and 40 parking spaces with an automated parking system.
Earlier this year, a newly built luxury community in a skilled opportunity area in New Jersey traded for $ 53 million. Golden Glades Capital Management purchased 104 unit property in Jersey City, NJ