Eastern Union arranged the construction loan, which refinances previous debt.

The community at 329 Alfred Ave. will encompass 256 units.

The community at 329 Alfred Ave. will rise six stories. Image courtesy of Eastern Union

Malas Development has received $74.2 million for the construction of a 256-unit community in Teaneck, N.J. Bank of America provided the 36-month, interest-only loan, with a 75 percent loan-to-cost ratio, which refinances previous debt. Eastern Union Senior Associate Gabriel Sasson arranged the transaction.

The six-story building is currently under construction on a 6.9-acre  site that the developer purchased for $9.8 million in fall 2021. The development team includes general contractor Malas Building Corp., civil engineer Neglia Engineering and structural engineer JT Engineering, along with CPA Architecture. Completion is expected in the second half of 2024.

The 250,000-square-foot community will also encompass 38 units to be designated as affordable housing for low- and moderate-income households for 30 years. Common-area amenities are set to include a fitness center, swimming pool, community room, business center and game room, as well as EV charging stations. The property will also feature lofts on the sixth floor and a two-level parking garage.

Marking the redevelopment of an entire city block, the property is taking shape at 329 Alfred Ave., close to several retail options. ShopRite of Englewood and The Shops at Riverside are within a 3-mile radius, while Fairleigh Dickinson University is 2.5 miles away. Downtown Manhattan is some 15 miles south. The location is also 4 miles from a 225-unit community in Hackensack, N.J., that opened earlier this year.