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* Builder plans 192-unit luxury project in Lyndhurst
Artist's rendering of Station at Lyndhurst in the Meadowlands near Medieval Times.
A developer has received a $37 million loan to complete construction of a 192-unit luxury apartment building in Lyndhurst, the company's broker said Monday.
Real estate firm HFF, based in Florham Park, secured the long-term financing from Webster Bank N.A. on behalf of J.G. Petrucci Co. of Asbury in Warren County. Petrucci is building the Station at Lyndhurst, the multifamily project at 240 Chubb Ave. in the Meadowlands.
The loan from Webster is structured to complete construction of the project and to provide long-term permanent financing, according to a statement from HFF. The completion date is Nov. 1.
The building is not far from the Medieval Times Dinner and Tournament attraction and AvalonBay Community Inc.'s Avalon Lyndhurst rental property, said Greg Rogerson, a J.G. Petrucci principal.
The apartments incorporate granite and stainless steel appliances; 9-foot ceilings; hardwood floors; two common-area patios with views of the New York skyline; an exercise room; a yoga room, and a clubhouse area. The apartments are built atop a structured parking garage.
Rents for a one-bedroom will be about $1,800 a month and $2,300 for a two-bedroom, Rogerson said.
The Station at Lyndhurst is being built on what was a vacant site, in an area with many office buildings. There will be shuttle service to several area train stations, and a bus stop for Manhattan in front of the building, Rogerson said.
J.G. Petrucci owns an investment portfolio of more than 6 million square feet of industrial, retail and office space. It has units in Nutley and Maplewood and leases units at train stations in eastern Pennsylvania.
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$37M in financing for apartments
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Midland Mirror
PENETANGUISHENE Some Main Street businesses will not have to pay for on-street patios this summer.
Normally, Penetanguishene businesses would have to pay an annual $200 application fee for an outdoor patio by their street entrance. The monthly rental fee for 2014 would have been 20 cents per square foot.
However, since the town is encouraging businesses to have patios during its Main Street redesign trial, the fees were waived at a meeting May 28.
These businesses are going through a lot of changes on our behalf, said Coun. Helen Luzius.
Added Coun. Mike Mayotte: Theres no way we should be adding to their burden. They have to get liquor licences; its going to be expensive for them, too.
In response to a residents question about the potential for increased noise, town CAO Holly Bryce said noise bylaws still apply.
Were not a Barrie; were not a Dunlop Street, she said.
Businesses along Main Street from Thompsons Road to the waterfront must still provide the town with proof of insurance and a patio design.
Patricia Barmanche, owner of Blue Sky Restaurant and Tavern, said she has never had an on-street patio before.
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Businesses get cost break for Main Street patios
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