BXP announced that it has formed a joint venture to develop 290 Coles St., a full-block, 1.75-acre site between Coles Street, Jersey Avenue, and 16th and 17th streets in Jersey City, N.J. The property will be developed into a 670-unit market-rate residential project offering panoramic views of the Hudson River and Manhattan skyline.
BXP and its partners will execute the approximately $400 million development through a newly formed joint venture with CrossHarbor Capital and Albanese Organization and its partner. BXP owns a 19 percent common equity interest in the venture, Albanese owns a 14 percent common equity interest, and CrossHarbor Capital owns the remaining 67 percent common equity interest. BXP also will provide $65 million in preferred equity as additional project funding. BNY, as administrative agent and arranger, led the financing of a $225 million senior secured construction loan in a three-bank deal that includes U.S. Bank National Association and Banco Bilbao Viz
