Joint venture buys Woodbridge site for 232-unit apartment complex

A five-acre site that once served as a Chevy dealership in downtown Woodbridge was officially traded last week to a joint venture between Prism Capital Partners and Northwestern Mutual Insurance, RE-NJ reported. Prism, a Bloomfield-based developer, said the site at the corner of Rahway Avenue and Green Street will be developed into 232 apartments and 12,000 square feet of retail. Cushman & Wakefield represented Prism and Northwest Mutual, the latter of which will serve as the construction lender, according to ROI-NJ. Prism agreed to purchase a controlling interest in the site in 2015. Demolition work to make way for the transit-oriented community is scheduled for July. TRD has previously noted that Prism is handling the redevelopment of the former Hoffmann-La Roche campus in Clifton and Nutley, as well as the $230 million Edison Village mixed-use complex in West Orange. [RE-NJ]