Madison Realty Capital provides $168m loan for mixed-use multifamily rental development in New Jersey
Madison Realty Capital has provided a $168 million loan collateralized by the Emerson Lofts, a planned 1,000-unit mixed-use residential development project at 315-326 15th St. in Jersey City, N.J.
The loan allows the borrower, Manhattan Building Co., to complete the first phase of the fully approved project and will fund predevelopment on three subsequent phases. Phase I consists of a 26-story tower with 350 residential units, more than 10,000 square feet of retail, an approximately 24,000-square-foot community center, a public park and parking. The building will benefit from 305 feet of frontage along 14th Street and 200 feet of frontage along Coles Street.
“This highly reputable sponsor has extensive experience developing institutional quality real estate in Northern New Jersey, having successfully executed similar business plans in the immediate area,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital. “We are confident we will be ab