$37M in financing for apartments

* 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