A joint venture of Prism Capital Partners and Northwestern Mutual Insurance Company has completed the purchase of a five-acre redevelopment parcel at the corner of Rahway Avenue and Green Street in Woodbridge. With full approvals in place, Prism – as operating partner – will transform the site into a mixed-use, transit-oriented community consisting of 232 apartments and 12,000 square feet of retail space.
Cushman & Wakefield’s New Jersey capital markets team orchestrated the joint venture purchase, in which Northwestern Mutual Insurance Company also is serving as construction lender. The commercial real estate services firm’s Andrew Merin led the transaction with team members David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd.
Demolition work at the former Lucas Chevrolet dealership site will commence in July. The property is located in the heart of Woodbridge’s walkable downtown, next to Woodbridge Station.
“The demand for transit-oriented multifamily remains robust in New Jersey, and this property is ideally situated for luxury, fully amenitized apartment homes,” said Prism Capital Partners’ Eugene Diaz, principal partner. “We are pleased to start demolition work and anticipate construction of the building to begin this fall, following the completion of site work.”
Merin noted, “it is exciting to be part of arranging the partnership of one of the most creative, cutting-edge multifamily developers and a top-tier institutional investor. They both saw the opportunity to create a unique mixed-use project to be located in one of Northern New Jersey’s more transformative towns.”
Prism Capital Partners is an established leader in the industrial-to-residential redevelopment and adaptive reuse arena. The Bloomfield-based, privately held owner/operator recently completed Phase I construction at Edison Village, the mixed-use redevelopment of the historic Thomas Edison Invention Factory and Commerce Center in West Orange. In Hoboken, Prism’s conversion of a former Wonder Bread factory into multifamily also is underway.
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