CBRE has secured a $40 million construction loan for Morristown Station, a transit-oriented residential project located next to the Morristown NJ Transit train station.

Truist Bank provided the financing for the development, which is being undertaken by Lackawanna Place Morristown Urban Renewal LLC.

The transaction was arranged by CBRE Capital Markets’ Debt, Equity and Structured Finance team. Matthew Pizzolato and Josh Stein represented the borrower in the deal.

“Morristown Station represents a best-in-class, transit-oriented residential opportunity that addresses the growing demand for both market-rate and affordable housing in Morristown,” said Pizzolato.

“By partnering with Truist Bank, we were able to structure a construction financing solution that supports the sponsors’ vision while positioning the project to set a new benchmark for multifamily development in the market.”

The project will include 89 apartments, comprising 76 market-rate units and 13 affordable housing units. In addition, the development will feature approximately 5,111 square feet of ground-floor retail space.

Most of the residential units will be two-bedroom apartments, accounting for about 74% of the total inventory. The remaining units will include studio and one-bedroom layouts.

Due to its direct proximity to the Morristown NJ Transit Station, the property offers residents regional connectivity along with access to nearby retail, dining, and local amenities.

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