Morristown Secures $40M for Transit-Oriented Housing Project

An apartment building next to the Morristown NJ Transit train station has locked down $40 million in construction financing. CBRE arranged the loan for the 89-unit project. Truist Bank provided the funds.

CBRE announced the financing arrangement on Jan. 7.

Lackawanna Place Morristown Urban Renewal LLC, also known as Bijou Properties, is developing the project.

The building will house 76 market-rate apartments and 13 affordable housing units, plus around 5,111 square feet of ground-level retail space.

Two-bedroom apartments account for 74% of the unit mix, while studio and one-bedroom floor plans make up the remaining units.

Matthew Pizzolato and Josh Stein from CBRE Capital Markets' Debt, Equity and Structured Finance team represented the borrower in the transaction. Pizzolato serves as senior vice president. Stein works as senior associate.

"Morristown Station represents a best-in-class, transit-oriented residential opportunity that addresses the growing demand for both market-rate and affordable housing in Morristown," Pizzolato said in a statement, per NJBiz. "By partnering with Truist Bank, we were able to structure a construction financing solution that supports the sponsors' vision while positioning the project to set a new benchmark for multifamily development in the market."

Bijou Properties is handling construction at One Lackawanna Place. The Morristown Planning Board approved the plan last January, a process Morristown Green reported took nearly two decades.

"You're going to see something really special in our train station when you pull in from New York," said Mayor Tim Dougherty at the time, according to Morristown Green. "You're going to be coming into what looks like a grand hotel."

Reports indicate the approval process stretched across nearly two decades before the Planning Board greenlit the development in January 2025.

Transit-oriented developments aim to take advantage of accessibility to public transportation, helping create economic growth and walkable areas. This project marks another transit-focused apartment building to move forward in New Jersey.