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Tri-State

CMT Developer secures loan for apartments at former Elizabeth, NJ hospital site

<em>(Credit: Google Maps)</em>
(Credit: Google Maps)

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CMT Developers LLC secured a $56 million construction loan from Parkview Financial for a Class A apartment development set to rise at the site of the former Elizabeth General Hospital in Elizabeth, New Jersey, NJBIZ reported. The loan will be used to construct the first phase of the project known as Jersey Walk, which will include a pair of six-story buildings that house 274 apartments and 3,000 square feet of retail space. The second phase of the project will include another pair of six-story buildings that house 240 apartment units. The first phase of construction is expected to wrap up next spring. [NJBIZ]