'Amboy has been financing commercial real estate for over 125 years and this $23.6 million construction permanent loan represents Amboy's commitment to financing the redevelopment of New Jersey's communities,' said Domenick Margiotta, senior vice president and chief lending officer at Amboy Bank. Weiss Properties, which has developed and managed properties throughout New Jersey for more than two decades, has recently been named the redeveloper of a tract in Willingboro. In September, NJ Transit, owner of the 35 acres next to the train station, signed a memorandum of understanding with Lakewood-based Somerset Developers for an ambitious project that could eventually result in 675 housing units being built, an investment that Somerville officials could add $300 million to $500 million to the county seat's property tax base.Įarlier this year, Edgewood Properties opened The Edge at Main, an apartment building on the former site of the Downtown Somerville Mall, a block from the train station. DGM Management has not filed a formal application to develop the property. The buildings in the site, which once housed an auto body shop and a weekly newspaper publisher, have been demolished. Next to The Cobalt's site, DGM Management, which already owns several properties in downtown Somerville, has received conceptual approval for Station House, a 93-unit apartment complex, at 44 Veterans Memorial Drive. The apartment complex will be two blocks from the Somerville station of NJ Transit's Raritan Valley Line. Get the latest business insights from Dun & Bradstreet. The Cobalt is part of burgeoning transit-oriented development in Somerville. Find company research, competitor information, contact details & financial data for Cobalt Apartments of Santa Clara, CA. Weiss, who did not disclose rents for the project, said earlier this year that he hopes the project to be completed in 2015.'Somerville's future is very bright,' Weiss said earlier this year.

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