PARQ Builders secures $91M building mortgage for 275 multifamily residences at former Lanidex Plaza in Morris County

The panorama is about to be reworked on the former Lanidex Plaza in Morris County, based on a Tuesday announcement from Parq Builders, the developer of PARQ Life Reimagined, which not too long ago closed on a $91 million building mortgage with two main world insurance coverage institutional actual property buyers.

JLL helped facilitate the transaction, which closed Could 13, and can finance 275 multifamily residences at 500 Parq Lane.

The overall contractor for the undertaking can be Belle Contractors from Parsippany.

As PARQ’s first luxurious multifamily constructing, 500 Parq Lane will tout inexperienced design parts, in addition to sensible constructing and residential options that promote wellness. These options embrace
Power Star home equipment and lights; home windows with Low-E coating; low-flow water fixtures; programmable thermostats; and electrical automobile charging stations in every constructing’s parking storage.

PARQ’s design intends to create a brand new sense of neighborhood and placemaking by celebrating the stability of well being, happiness and well-being. The constructing will characteristic a welcoming foyer with motor court docket drop off; upscale membership suite; non-public occasion room; kids’s playroom; state-of-the-art health heart; a resort fashion pool with outside BBQ and lounging areas; and coworking alcoves.

Haytham Haidar, managing director of PARQ, famous this improvement will usher in a brand new period in Morris County.

“PARQ will forge us into the twenty first century with state-of-the-art services, huge and welcoming inexperienced areas for the neighborhood to take pleasure in, a leisure advanced open to residents and sports activities packages to make the most of, and enhanced income on account of the positioning’s modernization,” Haidar stated in a ready assertion.

Positioned close to Interstates 287 and 80, PARQ residents might be on the Port Authority Bus Terminal in New York Metropolis in simply over an hour by way of the New Jersey Transit Parsippany-Troy Hills Park/Journey.

Development actions began Could 17 and is predicted to be accomplished by the primary quarter of 2024. The full improvement worth for 500 Parq Lane is $119 million.

PARQ’s imaginative and prescient is for the revitalization to seamlessly combine the design of the undertaking
into the prevailing material of the neighborhood. The general transformation of the 23-acre
portion of the previous Lanidex Plaza will conclude in 2025.

Murphy Schiller & Wilkes LLP is appearing as finance counsel for PARQ and Garofalo O’Neill Ruggierio LLC is appearing as land use counsel.

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