$26M bond will finance environmental improvements

PEAPACK-GLADSTONE – The developer of the Natirar estate will be the first in New Jersey to benefit from a government-backed bond to make environmentally friendly improvements to the historic buildings on the estate that once served as a residence for the king of Morocco.

The $26 million bond, the first under the state’s new Commercial Property Assessed Clean Energy (C-PACE) program in agreement with the Somerset County Improvement Authority, will finance improvements to the Natirar Resort, which will consist of the newly refurbished Ninety Acres restaurant, a 66-room luxury hotel, a 12,000-foot luxury spa, a fitness and wellness center and residential homes.

The resort is located on 90 acres that was leased from Somerset County in 2003 and is connected with the county’s 404-acre Natirar Park that runs along the North Branch of the Raritan River.

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