Luxury Apartments For Seniors Coming To Nutley, $29M In Financing Announced

NUTLEY, NJ — A luxury apartment building for people over the age of 55 is being built in Nutley, with construction expected to finish in the spring of 2027, developers say.

According to a news release, Soho Park Residences on Harrison Street will feature a three-story design built over a concrete parking podium with 148 garage parking spaces when it is finished.

The 85-unit building will be age-restricted to people over 55. It will offer a mix of one- and two-bedroom luxury apartments, with an average unit size of 1,110 square feet. Amenities for residents will include a fitness and wellness center, a library, a sun deck with pool, BBQ grills, firepits and a clubroom.

On Thursday, real estate firm JLL Capital Markets announced that it has arranged $29.5 million in construction financing on behalf of the borrower – Fair Lawn-based Rock Solid Builders Inc. – facilitating a 2.5-year, floating-rate loan through Kearny Bank.

The development will also benefit from an accretive payment in lieu of taxes (PILOT) program, the firm noted.

According to JLL Capital Markets, the property benefits from “strong local demographics,” with the 50-plus population making up 37.6 percent of Nutley's total population.

“This development addresses the growing need for luxury rental housing among the maturing population in Essex County, particularly as township residents become empty nesters and seek to escape the responsibilities of homeownership while remaining close to family,” JLL managing director Thomas Didio Jr. said.

A video posted on social media by Rock Solid Builders on Friday shows an overhead view of the property.

• Read More: Luxury Apartments With Rooftop Pool Opening Soon In Belleville
• Read More: Nutley, Belleville Get New Affordable Housing Quotas From State

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