Madison Realty Capital has upsized its initial loan to a total commitment of $395 million to Manhattan Building Company for a 1,089-unit multiple-phase mixed-use development spanning four buildings in Jersey City, N.J.
Madison Realty Capital initially originated a $168 million loan 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.
“We are pleased to amend our initial loan to continue to serve as a single source of financing for a complex project with multiple phases of development,” said Josh Zegen, a managing principal and co-founder of Madison Realty Capital. “The rapid lease-up of Hudson House in phase one demonstrates that Jersey City is experien
