Accordia Realty Ventures and Eastone Equities have landed a $67.5 million loan from Madison Realty Capital (MRC) for a transit-oriented multifamily project in Harrison, N.J., Commercial Observer can first report.
MRC’s financing will be used to acquire and complete an existing 205-unit multifamily development and also purchase a neighboring site that is approved for a further 435 multifamily units.
The two sites sit along Frank E. Rodgers Boulevard in Harrison, next to the recently reopened PATH train station, which recently underwent a $35 million renovation.