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.
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