MAR Acquisition Group projects

 

921 Elizabeth Avenue

The building was developed by MAR in 2001 and expanded in 2009 with a 10,000 square foot, five-story addition added to house Union County and State of NJ Labor and Workforce Development offices.  The original project involved the construction of a new five-story retail building in the Historic Union Square District to accommodate the relocation of Tri-State Home Furnishings in 2001.

East Grand Street Housing Development

Completed in 2008, the East Grand Street project is a $1.4 million new construction project financed as a private/public partnership.  The project involved the construction of a three-story building with six two-bedroom apartments and a one-bedroom apartment for a total of seven units.  All of the units are affordable. Construction was funded by Crown Bank, City of Elizabeth HOME Funds Program, County of Union HOME Funds Program and developer equity.  Permanent financing consists of a first mortgage from the NJHMFA, subordinated mortgage from the Department of Community Affairs Home Express Program, and funding through the County of Union and City of Elizabeth HOME Investment Partnerships Programs.

Oak Ridge Road Development

This project was a 4,000 square foot new center hall colonial built in Clark.  This newly constructed home was sold during construction in late 2007.  Acquisition and construction financing was provided by Crown Bank.

Pine Street and Laura Street Development

Completed in 2007.  The Pine Street and Laura Street project is a $2.2 million new construction project financed by Crown Bank.  The project involved the subdivision of land in the City of Elizabeth and construction of four new two-family homes.  All of the homes were sold during the construction phase.

Union Avenue Development

Completed in 2006 and located on Union Avenue in Elizabeth; the project consists of a $1.4 million three-story building containing nine two-bedroom apartments.  Construction financing was provided by First BankAmericano and developer equity.  Permanent financing consists of funding from the NJ Housing Mortgage and Finance Agency (NJHMFA).

Palmer Street Development

Completed in 2006 and located in the Peterstown section of Elizabeth; the project consists of a $1.6 million three-story building containing seven one-bedroom apartments, two two-bedrooms apartments, and a three-bedroom apartment.  Construction financing was provided by First BankAmericano, City of Elizabeth HOME Funds Program and developer equity.  Permanent financing consists of funding from the NJHMFA and DCA Home Express funds.

Linden Retail Rehabilitation Project

This Linden project was a retail improvement project to a 12,000 square foot existing one-story commercial building.  Completed in 2005.  A two-story addition will be constructed over the existing building to house 20 affordable senior apartments in 2010.

Chandler Avenue Development

Completed in 2005, the project consisted of a $3.2 million redevelopment of an abandoned industrial building purchased from the Borough of Roselle.  The Borough Planning Board granted planning approval to redevelop the property as a two-story 24,000 square foot mixed-use building comprised of 6,000 square feet of retail space, 6,000 square feet of office space, and 12,000 square feet of warehouse space.  Financing was provided by First BankAmericano and developer equity.

1084 Elizabeth Avenue Rehabilitation

Completed in 2004.  The project was a rehabilitation and sale of a mixed use building in the Elizabeth Special Improvement district.  It included improvements to common areas, three offices and the facade of this three-story building.  Financing was provided by First BankAmericano.

1077 Elizabeth Avenue

1077 Elizabeth Avenue involved the acquisition, rehabilitation and subsequent sale of a mixed-use building consisting of 12,000 square feet of retail space and two residential apartments. Financing was provided by First BankAmericano.

Roselle Senior Housing Development

This project is an $8.2 million new construction project financed as a private/public partnership with a portion of funding provided by the County of Union HOME Funds Program and utilizing Federal Low Income Housing Tax Credits.  The project involved the construction of a four-story elevator building with forty-six one-bedroom apartments.  All of the units are affordable to seniors earning 50% or less of median income.  Construction was funded by Crown Bank, County of Union HOME Funds Program, NJ Department of Community Affairs Balanced Housing Program and developer equity.  Permanent financing consists of a first mortgage from the NJHMFA, a subordinated mortgage from the Department of Community Affairs Balanced Housing Program and funding through the Tax Credit Equity.