ORANGE, NJ — PEEK Properties has secured $9,750,000 in construction financing for the first of three new-construction Qualified Opportunity Zone multifamily properties in the city of Orange. PEEK, a commercial real estate investment, development and management company, focuses on traditional development as well as recently approved opportunity zone projects throughout New Jersey’s urban submarkets.
The loan, which was arranged by Meridian Capital and Bogota Savings Bank, is designated for the construction of 50 Class-A market-rate units at 276 Reock St., in the city’s Reock Street Redevelopment Area. PEEK Reock I QOF LLC kicked off its initial fundraising last summer and recently concluded its final phase of equity and debt fundraising.
“Underway site work at 276 Reock St. is focusing on clearing and grading in preparation for pouring the foundation and footings,” PEEK managing partner Emanuel Klein said. “We expect development to take about 14 months, with lease up slated for the winter of 2022.”