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A $40 million construction loan was secured Wednesday for a transit-focused multi-use development project next to the Morristown Train Station.
CBRE, a commercial real estate service and investment firm, says Truist bank will be providing the financing for the project being developed by Lackawanna Place Morristown Urban Renewal LLC.
The development at 1 Lackawanna Place will be named Morristown Station, a mixed-used project with 76 market-rate apartments and 13 affordable housing units.
More than 5,000 square feet of ground level retail space is also planned.
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