JERSEY CITY, NJ—Northmarq Capital's New Jersey office negotiated a $192 million construction to permanent loan on URL® Harborside 1. The project will be located at 200 Greene Street in the Harborside Financial District in Jersey City, NJ, and will consist of a 69 story apartment tower containing 763 units, 5,204 square feet of retail space and an 8-story parking garage containing 222 spaces.
The building will be one of the first in the market to introduce an emerging concept of beautifully designed, sustainable and space efficient units under the banner of URL® (Urban Ready Living®). Designed to target professionals from a variety of industries who demand amenities over space, there will be a focus on creating unique and usable common spaces such as shared work spaces with wi-fi throughout all common areas, a café, an outdoor pool, garden lounge area and a state-of-the-art fitness center.
The developer, Harborside Unit A Urban Renewal, is a joint venture between Mack-Cali Realty and Ironstate Holdings.
“Given the 30 month estimated construction period, the borrower wanted to take out interest rate risk and requested a construction to permanent loan where the interest rate was locked at application. Pacific Life took the time to understand the market and new unit design concept and provided an attractive 15-year fixed rate loan with seven years interest only,” says Gary Cohen, senior vice president and senior director of Northmarq's New Jersey based regional office.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
