CBRE Secures $60 Million in Permanent Financing for Newly Completed Luxury Residential Property in East Orange, NJ

CBRE announced today that it has arranged $60 million in permanent financing for Allure 258, a recently completed, transit-oriented luxury multifamily development located at 258 South Harrison Street in East Orange. The financing was provided by SteepRock Capital and refinances an existing lease-up loan for the 17-story, 213-unit property developed by Blackstone 360.

The CBRE Debt & Structured Finance team of Matthew Pizzolato, Jason Gaccione, Shawn Rosenthal, Josh Stein, and Jake Salkovitz arranged the financing on behalf of the borrower.

“We are proud to have represented Blackstone 360. They have long been known for delivering transformative luxury multifamily and mixed-use projects in emerging urban markets,” said Pizzolato. “The transaction generated strong interest from the debt markets, underscoring the quality of the asset, its transit-oriented location, and the sponsor’s proven development track record. SteepRock ultimately distinguished itself by offering superior terms while also providing certainty of execution under a tight closing timeline.”

Allure 258 is strategically positioned along the South Harrison Street corridor at the intersection of East Orange and South Orange, offering convenient access to Seton Hall University and the East Orange VA Hospital. The property benefits from proximity to major regional roadways, including Interstate 280 and the Garden State Parkway, and is located approximately 12 miles from New York City. Mass transit accessibility is a key attribute of the asset, with a direct NJ Transit rail connection to New York Penn Station via the Brick Church Station within a 10-minute walk.

The property features 213 thoughtfully designed studio, one-bedroom, one-bedroom-plus-den, and two-bedroom residences, averaging 853 square feet. Allure 258 includes an attached parking structure serving residents and offers a comprehensive, high-end amenity package, including a state-of-the-art fitness center, rooftop terrace, resident lounge, shuttle service to NJ Transit, and private terraces for select units.