Citizens Agents $55MM Loan for LeCesse, MAS Development



Citizens Commercial Banking’s Commercial Real Estate Finance team provided a $55 million loan to LeCesse Development and MAS Development Group for the construction of a mixed-use apartment complex called Vinty in Elizabeth, NJ. Citizens served as left lead bank and administrative agent on the transaction.

Vinty will be situated on a 2.48-acre site across the street from the Elizabeth Transit Station. The project will have four stories of residential units – 25 studios, 175 one-bedrooms and 67 two-bedrooms – above 37,000 square feet of retail and office space with a 274-space parking garage. Amenities will include a fitness center, yoga/cycling studio, virtual golf simulator, resort-style pool with hot tub and cabana seating, outdoor summer kitchen with grills, community lounge and entertainment room, dog park, resident greenhouse, outdoor theater and package concierge system. Home interiors will include high-end finishes such as quartz countertops, stainless steel appliances, modern cabinetry, undermount sinks, smart home features, in-unit washers and dryers, plank flooring and walk-in closets. The project is due to be completed in first quarter of 2021.

“Citizens’ Commercial Real Estate bankers are trusted strategic and financial partners who were ready to listen to us and help make this deal a reality,” said Sal Garcia, principal of MAS Development Group. “The Citizens team has a strong commitment to the community and a deep knowledge of the commercial real estate landscape. Their close attention to detail made for a seamless and timely execution.”

 


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