What is your most notable project, deal or transaction?
There are a number of projects that come to mind. As a team we closed $300MM of construction and permanent financing over the last year, but the most memorable deal is our Meridia Brownstones project in Rahway, NJ. Meridia Brownstones is a 645,000 s/f multifamily building consisting of 487 class A apartment units, outdoor dining, outdoor pool, and a number of other world class amenities. The four phase opportunity zone development is located just 0.5 miles from the Rahway train station and Downtown core.
All the fundamentals to make a great project were there. We have stabilized two other projects in the Rahway market, therefore have great empirical data to project rent, expenses, and demand. We negotiated a phenomenal PILOT that would mutually benefit the town and our development. Lastly, we have a great construction team at CPC that had the cost down to the last screw, therefore we new exactly what to expect in cost from previous developments.