The financing was provided by a New York metropolitan area bank, which was not identified. The loan represents 90% of the total cost of the project, according to James, but further terms were not disclosed.
When it's completed, Velocity condominiums will be made up of a total of 128 residential units, with total building space amounting to more than 205,000 sf, according to James. The property, located on Jackson Street, is adjacent to a new Bergen-Hudson Light Rail station in western Hoboken.
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