Manhattan Building Company has secured a total of $395 million for a 1,089-unit multiple phased mixed-use development spanning four buildings in Jersey City, NJ.
The loan, provided by Madison Realty Capital has been upsized to a total commitment of $395 million. The initially originated as $168 million for development of the first phase of the Emerson Lofts project in 2019 and upsized the loan to $228 million earlier this year for the next phase of the development. The amended loan will be used to complete the conversion of an existing warehouse building into a 140-unit multifamily property and begin development of the next phase, a 338-unit multifamily high-rise.
The Emerson Lofts development site will consist of three new high-rise residential buildings and one converted warehouse to deliver a total of 1,089 residential units in Jersey City. The first phase of the project, Hudson House, is 95% leased to date and consists of 351 studio to three-bedroom units as well as 10,000 square feet of retail, and 308 parking spaces. The 26-story residence offers a heated outdoor pool, cabanas, outdoor movie theater, fitness center, yoga room and concierge services.
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Phase two is currently under construction and will deliver a second 26-story, 338-unit residential high-rise with 119 parking spaces. The third phase, which is nearing completion, will convert a warehouse building into a 140-unit multifamily property with 96 parking spaces and 36,500 square feet of retail space. The final phase includes a third high-rise residential property currently in predevelopment. Emerson Lofts is located near the Newport PATH train station and the entrance to the Holland Tunnel connecting New Jersey and Manhattan.
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