Construction financing has closed for 1999 Elizabeth Avenue, a five-story residential building in Rahway, New Jersey. Designed by Netta Architects and developed by Capodagli Property Company, the structure will span 168,500 square feet and yield 200 rental units in a mix of one- and two-bedroom layouts. The project will also include 2,000 square feet of ground-floor retail space and a two-level, 493-vehicle parking garage.
Meridia Brownstones, via Google Maps.
SCALE Lending, the debt financing arm of Slate Property Group, provided the $67.5 million floating-rate loan, which runs for 30 months with two six-month extension options. The proceeds will retire an existing senior loan on the property and fund completion of the ground-up development. The deal was sourced through a direct relationship with the borrower. Meridia Construction Management, a Capodagli affiliate, will serve as general contractor.
1999 Elizabeth Avenue, via Google Maps.
Plans presented to the Rahway Redevelopment Agency call for a U-shaped ground floor, with two residential wings running parallel to Elizabeth Avenue above the parking levels. Floors three through five hold the majority of the residential inventory, and eight second-floor units along Elizabeth Avenue will have walk-up entrances from the street. A single courtyard will contain the amenity space. Six units will be reserved for affordable housing under a 30-year PILOT agreement with the City of Rahway.
Amenities will include a fitness center, a yoga room, an indoor-outdoor pool with an outdoor deck, a multipurpose lounge, a coworking space, dog wash, bike storage, and a basketball court.
Meridia Brownstones Phase II’s anticipated completion date is slated for November 2028, according to the lender’s announcement.
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Great to read about all the housing going up in and around
NYC in HUGE projects!
I was waiting for the design of the new prison at Rahway.
I actually like the design. It’s something different at least & the density is awesome.
And for Rahway?? It’s just insane to me how many NJ towns & small cities have ramped up housing development like this while NY state is completely derelict.
God those power lines though…
Hopefully sometime in this century we can make streets look like this century and not a scene if in black and white you’d see a skinny man selling melons out of a horsedrawn wagon.
Rahway is the most mid-looking, missed opportunity for a nice, modern, green, sleek, dense redevelopment of a drabby area. The powerlines are awful too. Laughable place
While I support much needed housing stock in the area that is at least trying to be affordable, these designs are so cold and have poor street presence in areas that are supposed to be more walkable. The mindset of the automobile needs to be shaken especially for transit-oriented developments.
Barracks..