Orange, NJ — PEEK Properties (PEEK) has secured $20.5M in construction and permanent financing for its latest venture, a new 102-unit class A Multifamily Opportunity Zone redevelopment in the renaissance city of Orange. Located at 415 Highland Ave. and known as The LINCOLN, the shovel-ready project sits adjacent to The HIGHLAND, a 138-unit luxury apartment building where leasing is now underway. Both new ground-up developments are a joint venture between PEEK and Circle Squared Alternative Investments (Circle Squared).
The LINCOLN financing is PEEK’s first loan with Amboy Bank, which provided the construction loan and permanent financing for a 24-month term and 10-year-from-conversion rate, respectively. It also marks PEEK’s fifth multifamily redevelopment in Orange and its fourth under the Qualified Opportunity Fund (QOF) structure. George Gnad, president of Lenders Capital Realty Services, secured both the equity and debt on behalf of the joint venture partners.
As the anchor at the corner of Highland and Lincoln Avenues, The LINCOLN is PEEK’s latest luxury addition to the city’s expanding apartment-rental housing stock. This includes the commercial real estate company’s Orange Crossing redevelopment downtown.
“Because we plan, build, finance and manage our own apartment-rental buildings – from inception to lease up and long-term operations – PEEK adds value to every project, across every neighborhood in which we own properties,” said PEEK managing partner and cofounder Phillip J. Evanski.
Designed by Inglese Architects and Engineering with PEEK Builders as the general contractor, PEEK continues to utilize its core partners and subcontractors to more efficiently build a quality project.
Pre-approved in 2022, The LINCOLN’s construction will be finalized next spring. Once completed, the five-story building will feature a mix of studio (12 units/516 s/f), 1BR/1 Bath (65 units/700 s/f) and 2BR/2 Bath (25 units/1029 s/f) floorplan options with a total of 97 on-site parking spaces.
“Since its inception, PEEK has been passionate about all that Orange has to offer and its competitive geographic positioning, which has been the catalyst for revitalization and the city’s eventual rebirth,” said managing partner/co-founder Emanuel Klein. “Our philosophy for development, ownership and management of newly constructed multifamily living options for future tenants and existing residents remains stronger than ever and we are pleased to be a part of the city’s much-deserved renaissance as a vibrant, affordable live-work East Essex hub.”