US: The Rockefeller Group has formed a JV with Korman Communities for a corporate housing project.
Rockefeller has secured a $70 million construction loan on behalf of Korman for a flexible-stay community in its master-planned development known as The Green at Florham Park, New Jersey.
The project, known as AVE Florham Park, will feature 256 furnished and unfurnished units that will be geared toward corporate housing, relocations and long-term stays.
The Rockefeller Group secured the construction loan from Capital One through a relationship with Deerwood Real Estate Capital.
Rockefeller and Korman Communities broke ground on the 450,000-square-foot property earlier this year, and it is expected to open before the end 0f 2017.
The development will feature 40,000 square feet of outdoor amenities, including a private courtyard, a community courtyard and a host of other outdoor amenities. The property will also feature an indoor media theatre, café and conference suites for business meetings.
“AVE Florham Park is unlike anything else that is currently available in the Morris County area,” said Clark Machemer, senior vice president and regional development officer for The Rockefeller Group’s New Jersey/Pennsylvania office. “The many unique features of the AVE properties, including the flexible-stay options offered, are what attracted us to this project, and we look forward to delivering AVE Florham Park to the market next year.”
The project is part of The Green at Florham Park, The Rockefeller Group’s 268-acre, master planned development at the site of a former ExxonMobil research complex. The redeveloped area is currently home to the New York Jets, the BASF North American headquarters and a new facility for Summit Medical Group.
www.rockefellergroup.com
www.kormancommunties.com</p
