Cushman & Wakefield arranges $60M construction loan for Phase 2 of Plainfield, NJ development

Anderson & Miro rep. the borrower and developer, Hiren Ramani of the Ramani Group

PLAINFIELD, NJ — Cushman & Wakefield announced that it has secured $60 million in construction financing for The Bishop, a 266-unit multifamily development located at 401 E. 3rd St. in Plainfield. The loan was provided by Invictus Real Estate Partners LLC. Cushman & Wakefield’s Brian Anderson and Eddie Miro represented the borrower and developer, Hiren Ramani of the Ramani Group, in the transaction.

The Bishop marks the second phase of construction at the multi-phased development called The Heritage, a massive 1,181-unit project. Developed by the Ramani Group, the project is being built to create significant new housing near a transit hub and help transform the town of Plainfield. Phase I of the master plan, a 131-unit building called CitiVillage at The Heritage, was completed in December 2023 and is over 98% occupied.

“Our team is pleased to be involved in the second phase of construction at this massive, transformative project in Plainfield,” said Anderson. “ Hiren and his entire team have developed a thoughtful vision to help the town tap into its potential as a vibrant transit hub in New Jersey, affording residents access to some of the largest employment centers in the Northeast. We look forward to our continued partnership and watching the project come to life.”

Rising six stories, The Bishop will feature a mix of studio, one-, two-, and three-bedroom apartments, along with 12,617 square feet of ground-floor retail space and 206 parking spaces. The project is centered around 1.16 acres of new green space and is situated within a 10-minute walk of the Plainfield Train Station.

Residents of The Bishop will have access to over 8,000 square feet of amenities, including an outdoor lounge, a pool, a golf simulator, a gym, a game room, a screening room, a children’s area, and a pickleball court. The development benefits from a 30-year PILOT agreement, with 20% of the units designated as workforce housing.