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Sustained Demand, Referrals Drive Progress at Luxury Multifamily Community
WEST ORANGE, N.J., April 1, 2021 – Prism Capital Partners has secured new financing for Edison Lofts at Edison Village – the firm’s industrial-to-multifamily-and-retail adaptive re-use of Thomas Edison’s historic Invention Factory and Commerce Center in West Orange. The move from a construction loan to permanent financing marks continued progress for the luxury rental community.
The Residences at Edison Lofts features 300 homes, including 21 penthouses with private outdoor terraces, housed in the completely reimagined 100-year-old factory building. The Mews at Edison Lofts, constructed from the ground up, houses a boutique collection of 34 homes with limited availability remaining. The community recently hit the 80% leased mark – an impressive accomplishment during a challenging market.
“Securing new financing and reaching another leasing milestone reflect sustained progress for Edison Lofts,” said Prism’s Edwin Cohen, principal partner. “As the spring season ramps up, so are leasing inquiries. This includes an uptick in interest from New York City renters seeking an urban, walkable lifestyle at a more affordable price point.”
Edison Lofts homes range from studio to three-bedroom residences. All offer high-end finishes and are supported by abundant lifestyle amenities. According to Cohen, these features have been central to the community’s popularity among renters, many of whom are working remotely in some capacity and will likely continue with a hybrid schedule.
“Edison Lofts provides an ideal environment to achieve a work-life balance,” he said. “A clear testament to the vibrant lifestyle here is reflected in the high level of leasing interest that stems from resident referrals.”
The community offers a 5,000-square-foot fitness center, heated indoor pool, 12,000-square-foot rooftop indoor/outdoor Sky Lounge with 360-degree views of the Manhattan skyline, outdoor green spaces, a self-serve café, communal worktable, concierge service, and high-speed WiFi throughout all residences and common areas. Residents also have access to media screening and theater rooms, personal and bike storage, a dog-washing station, and complimentary shuttle service to two local train stations.
The Edison Lofts portion of the 21-acre Edison Village redevelopment also included the ground-up construction of a 630-space parking structure and 18,400 square feet of retail. At build-out, Edison Village will incorporate additional housing options, including for-sale townhomes.
The Edison Lofts leasing center, located at 33 Ashland Avenue, is open seven days per week. For more information, contact Leasing@EdisonLofts.com or call 973-327-9748. For property information, visit EdisonLofts.com.