PARQ Builders secures construction financing for 275 multifamily residences at the former Lanidex Plaza in Morris County.
PARSIPPANY, NJ – The landscape is about to be transformed at the former Lanidex Plaza in Morris County. Parq Builders, the developer of PARQ Life Reimagined, closed on a $91 million construction financing with two leading global insurance institutional real estate investors on May 13.
The deal will finance 500 Parq Lane, which includes 275 multifamily residences. The firm that handled the transaction was JLL in Morristown, NJ a world leader in real estate services. Parq Builders has also announced the project’s General Contractor is Belle Contractors from Parsippany. Construction activities started on May 17 and is expected to be completed by the first quarter of 2024. The total development value for 500 Parq Lane is $119 million.
As PARQ’s first luxury multi-family building, 500 Parq Lane will tout green design elements, as well as smart building and home features that promote wellness. These features include Energy Star® appliances and lighting fixtures; windows with Low-E coating; low flow water fixtures; programmable thermostats, and electric car charging stations in each building’s parking garage. The building will also feature an elegant welcoming lobby with motor court drop off; upscale club suite; private event room; children’s playroom; state-of-the-art fitness center; a resort-style pool with outdoor BBQ and lounging areas, and co-working alcoves.
Haytham Haidar, Managing Director of PARQ, noted this development will usher in a new era in Morris County. “PARQ will forge us into the 21st century with state-of-the-art facilities, vast and welcoming green spaces for the community to enjoy, a recreational complex open to residents and sports programs to utilize, and enhanced revenue as a result of the site’s modernization,” Haidar added.
PARQ will create a new sense of community and placemaking by celebrating the balance of health, happiness and well-being. “Urban renewal and revitalization projects are vital to stimulate the economy, enhance property values and instill a sense of civic pride,” said Anthony Milelli, Principal Director of PARQ.
Murphy Schiller & Wilkes LLP is acting as finance counsel for PARQ and Garofalo O’Neill Ruggierio, LLC is acting as land use counsel. “We are pleased to be working on this exceptional and transformational project,” said Charles J. Wilkes, Partner at Murphy Schiller & Wilkes LLP. “It is a really great partnership among the lender, ownership and the professionals involved.”
Located near I-287 and I-80, PARQ residents can be at the Port Authority Bus Terminal in New York City in just over an hour via the NJ Transit® Parsippany-Troy Hills Park/Ride. For those who are up for more of an adventure, the world’s most admired cities are just hours away via Newark International Airport, John F. Kennedy International Airport and LaGuardia Airport.
PARQ’s vision is for the revitalization to seamlessly integrate the design of the project into the existing fabric of the community. The overall transformation of the 23-acre portion of the former Lanidex Plaza will conclude in 2025.
The PARQ development team includes: Garofalo O’Neill Ruggierio, LLC, Real Estate Law; Murphy Schiller & Wilkes LLP; Esposito Construction; Belle Contractors; Minno & Wasko, Architects and Planners; Design 446, Marketing and Advertising; Greystar Real Estate Partners; Langan Engineering & Environmental Services; Melillo + Bauer Associates, Landscape Architects, and Mary Cook Associates, Interior Design.