Camden, N.J. — John O’Donnell, CEO of The Michaels Organization, has taken a leave of absence to focus on defending himself against allegations announced in an indictment on June 17, 2024, by the New Jersey State Attorney General. The indictment does not name Michaels as a company, and is limited in scope to two properties along the Camden, New Jersey, Waterfront — one office tower and one conventional multifamily community. All business operations at Michaels — including development, property management, construction and investment — will continue as usual. Mark Morgan, who …
New Jersey
New Brunswick, N.J. — TSB Capital Advisors has arranged a refinancing for VERVE, a 696-unit student housing community located near Rutgers University’s main campus in New Brunswick. The fixed-rate loan, which features a future funding component, was provided by an affiliate of QuadReal Property Group. VERVE is owned by a joint venture between The Scion Group and PGIM Real Estate. Constructed in 2020, the community offers single- and double-occupancy units in studio through five-bedroom configurations. Shared amenities include a state-of-the-art fitness center, private and group study lounges, gaming spaces, a …
Atlantic City, N.J. — A public-private partnership between Stockton University and the Atlantic City Development Corp. has opened a 416-bed residence hall on the university’s campus in Atlantic City. The six-story, 135,000-square-foot building offers apartment- and suite-style units with lounges, a meeting room, business center and laundry facilities. The development is Phase II of the Atlantic City Gateway Project, a multi-phase development which has included the construction of a three-story academic center and two additional residence halls offering a total of 543 beds. The project team includes structural engineering firm …
PRC Group Receives $88.4 Million Refinancing for 612-Bed Community Near The College of New Jersey
Ewing, N.J. — The PRC Group has received an $88.4 million refinancing for Campus Town at TCNJ, a 612-bed student housing community located near The College of New Jersey campus in Ewing. John Banas, Kristopher Wood, Christopher Philipps, Rhett Saltiel, Erik DiGirolamo and Sean Bailey of Walker & Dunlop secured the financing. The property offers 184 units alongside 78,787 square feet of ground floor retail space.
Newark, N.J. — A public-private partnership between RISE: A Real Estate Co. and the New Jersey Institute of Technology has completed Maple Hall, a 548-bed residence hall on the university’s Newark campus. The eight-story development was designed to appeal to upperclassmen and graduate students and includes a game room, an outdoor terrace, full kitchens, private and group study rooms, a creative studio, an outdoor kitchen and on-site parking. The community also features 2,145 square feet of retail space. RISE will provide ongoing property management at Maple Hall, which opened before …
Camden, N.J. — Michaels has hired Rosa Estrada as vice president of development. Estrada will work out of the Camden, New Jersey-based company’s Mid-Atlantic regional office. She brings over 20 years experience in urban planning, placemaking and mission-driven affordable development. Prior to joining Michaels, Estrada spent five years with Wesley Housing where she served as director of real estate development, responsible for managing a team of developers through development concept, acquisition, entitlements, underwriting, design and construction closing of 350 units worth $133 million.
Bloomfield, N.J. — QX Global Group, a Bloomfield-based business process outsourcing company, has acquired an 80 percent stake in Austin, Texas-based Chazey Partners, a management consulting and advisory firm specializing in business and digital transformation. The Chazey Partners team brings decades of experience in implementing and operating business support and shared services organizations around the globe, with experience in robotic process automation (RPA) and artificial intelligence (AI). Together, QX and Chazey Partners will work to deliver solutions that cover consulting, digital services and business process outsourcing. Clientele includes student housing …
Scion, PGIM Announce Joint Venture, Acquire Two Student Housing Communities Totaling 1,244 Beds
Chicago — The Scion Group and PGIM Real Estate have formed a joint venture partnership and completed the acquisition of two student housing communities totaling 1,244 beds. Acquisitions include Verve, a community located near the Rutgers University campus in New Brunswick, New Jersey; and Aero on 24th, a property serving students attending the University of Florida in Gainesville. TSB Realty provided advisory services to the sellers in connection with the transaction. Verve offers a mix of studio, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities include a 24-hour …
Newark, N.J. — A public-private partnership between RISE: A Real Estate Co. and the New Jersey Institute of Technology (NJIT) has closed on $100 million in construction financing for the development of a 548-bed residence hall on the university’s campus in Newark. The 250,000-square-foot community will offer a mix of private- and shared-bedroom units targeting upperclassmen and graduate students. The project’s development team includes Terminal Construction Corp., Niles Bolton Associates, Netta Architects, T&M Associates, Langan, RBC Capital Markets, Brailsford & Dunlavey and the Collegiate Housing Foundation. The community is scheduled …
Newark, N.J. — A public-private partnership between RISE: A Real Estate Co. and the New Jersey Institute of Technology (NJIT) is set to break ground on a 500-bed residence hall on the university’s campus in Newark. The eight-story tower will offer apartment-style units with primarily private bedrooms and limited shared bathrooms. The design for the site, which is currently occupied by a shuttered public school, also calls for a parking garage. The project’s development team includes Niles Bolton Associates, Netta Architects, Terminal Construction, TandM, Langan and RBC Capital Markets. The …