Lightstone Capital Lends $29.5M Bridge Loan on Orange, N.J. Apartment Building

Peek Capital, a division of multifamily developer and operator Peek Properties, has closed a $29.5 million bridge loan on The Lincoln, a recently completed multifamily project in Orange, New Jersey. Lightstone Capital, the real estate debt platform of Lightstone Group, provided the financing, and Daniel Cohen of Ackman-Ziff advised on the deal.

The 102-unit, five-story building at 407 Highland Avenue received its final certificate of occupancy in September and has started leasing one- and two-bedroom units. The loan funds the continued lease-up and stabilization period and pays off the property's earlier construction financing. Peek had previously obtained a $20.5 million loan from Amboy Bank in 2024.

The building sits a short walk from the N.J. Transit Highland Avenue station, which provides rail access to Newark and Midtown Manhattan. Orange and East Orange have drawn steady luxury apartment development as renters look for alternatives to New York City pricing.

For lenders and sponsors, the deal shows bridge capital being used to return equity early in lease-up on newly built multifamily assets with experienced operators.