New Multifamily Complex To Break Ground In Egg Harbor
May 31, 2018 Matthew Rothstein, Bisnow Philadelphia
Egg Harbor Township is getting its first new multifamily development since 2002. Franklin Realty Development has secured a $34.7M construction loan to complete the financing it needs to begin building Harbor Landing, an eight-building garden apartment complex. It expects to break ground within 60 days. Harbor Landing is slated to contain 204 market-rate apartments spread across its eight buildings, surrounding a saltwater pool, tennis and volleyball courts and two dog runs. D2 Capital Advisors, an affiliate of the D2 Organization, secured the loan on behalf of Franklin Realty from a regional bank and an undisclosed private equity source. D2 Organization President Keith Delaney said Egg Harbor is the fastest-growing township in New Jersey, with a multifamily occupancy rate of 95%. Without any new construction in the last 16 years, the South Jersey township exhibits strong enough fundamentals to convince debt sources, Delaney said in a press release.