PLAINFIELD – The second phase of a mixed-use development near the train station that may eventually include 1,400 apartments has received a $60 million loan from a New York private real estate equity firm.Invictus Real Estate Partners has announced it closed on the loan for The Ramani Group, of Roselle Park, for the six-story, 266-unit building, called The Bishop, on East 3rd and Richmond streets.The building is part of a larger redevelopment project, The Heritage, on East 3rd Street by the train station on NJ Transit's R...
PLAINFIELD – The second phase of a mixed-use development near the train station that may eventually include 1,400 apartments has received a $60 million loan from a New York private real estate equity firm.
Invictus Real Estate Partners has announced it closed on the loan for The Ramani Group, of Roselle Park, for the six-story, 266-unit building, called The Bishop, on East 3rd and Richmond streets.
The building is part of a larger redevelopment project, The Heritage, on East 3rd Street by the train station on NJ Transit's Raritan Valley Line.
In December 2023, a ribbon-cutting was held on the first phase of the redevelopment project, a 131-unit apartment building called Citivillage at Plainfield Station.
At full build-out, the redevelopment will have 1,400 apartments.
The city Planning Board approved The Bishop on Dec. 12, 2024.
The plan for the new building calls for calls for 54 one-bedroom units, 110 one-bedroom units with dens, 10 studio apartments, 82 two-bedroom units and 10 three-bedroom units in the six-story building, about 68 feet in height.
Residents will have access to an outdoor lounge, golf simulator, fitness center, game room, pool, screening room, children’s playroom with dedicated outdoor space, and a pickleball court.
The proposal also includes about 12,167 square feet of commercial space, which can be divided into smaller spaces.
The plan includes 206 parking spaces, which will be on-grade and partially underneath the building.
The 2.5-acre property has vacant industrial buildings and houses which will be demolished. The apartment building itself will cover about 1.8 acres.
The developer signed a redevelopment agreement with the city. The property is within the East 3rd and Richmond Street Redevelopment Plan.
A number of variances were also required, including the amount of open space, minimum buffers and location of the loading docks.
“This transaction highlights our commitment to supporting quality sponsors navigating today’s complex market,” stated Eric Scheffler, co-founder and managing partner of Invictus Real Estate Partners. “The project’s prime location and the sponsor’s expertise made this an exceptional opportunity.”
Ramani is also developing apartment buildings in the downtowns of Dunellen, Metuchen and Roselle Park.
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