WEST CALDWELL, NJ — A plan to build a four-story luxury apartment building on the former site of a vacant ice cream factory in West Caldwell has taken another step forward.
Accordia Real Estate recently obtained a $30.7 million loan to build a 92-unit apartment building at 780 Passaic Avenue. Plans for the property – which is being dubbed “The Vail” – include “upscale rentals,” covered parking, a fitness center, coworking areas, a dog park and grilling stations. A total of 19 homes are being reserved as affordable housing.
The site has been dormant for years since Welsh Farms Ice Cream Inc. left the property and the former structure was demolished.
CBRE arranged the financing on behalf of Accordia, and Principal Financial provided construction financing.
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