A major transit-oriented development (TOD) in Morristown has taken a significant step forward after securing $40 million in construction financing for an 89-unit apartment project located adjacent to the Morristown NJ Transit train station. The funding, arranged by CBRE and provided by Truist Bank, will support the development led by Lackawanna Place Morristown Urban Renewal LLC, part of Bijou Properties’ growing portfolio of residential projects.
The Morristown Station project reflects a broader trend in New Jersey toward transit-focused multifamily developments that capitalize on easy access to public transportation while promoting walkable, economically vibrant neighborhoods. By situating housing directly next to one of the region’s busiest commuter hubs, developers are combining convenience, sustainability, and community-focused design.
CBRE’s Capital Markets’ Debt, Equity, and Structured Finance team represented the borrower in the transaction, with Senior Vice President Matthew Pizzolato and Senior Associate Josh Stein structuring the financing solution. “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. “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.”
The building will include 76 market-rate apartments and 13 affordable housing units, ensuring a diverse offering that meets the community’s housing needs. Two-bedroom apartments will account for the majority of the units, representing 74% of the mix, while the remainder consists of studios and one-bedroom layouts. The development will also incorporate approximately 5,111 square feet of ground-level retail space, enhancing neighborhood amenities and fostering a more walkable, integrated environment.
The project, located at One Lackawanna Place, received approval from the Morristown Planning Board in January of the previous year, concluding a development process that spanned nearly two decades. Morristown Mayor Tim Dougherty at the time highlighted the transformative potential of the project: “You’re going to see something really special in our train station when you pull in from New York. You’re going to be coming into what looks like a grand hotel.”
Once completed, Morristown Station is poised to not only provide much-needed housing but also to contribute to the economic vitality of the area by attracting new residents, supporting local businesses, and enhancing the appeal of the neighborhood around the train station. Transit-oriented projects like this are increasingly recognized as critical drivers for sustainable urban growth in New Jersey, combining accessibility, community development, and investment in the state’s infrastructure.
For more coverage on construction projects and transit-oriented development across New Jersey, explore the Construction section, where updates on transformative real estate projects and urban development initiatives are regularly reported.
With the construction financing now secured, Morristown Station moves closer to realizing its vision as a landmark residential and commercial hub, redefining the commuter experience and setting a new standard for TOD projects in the region.
