JERSEY CITY, NJ—Northmarq Capital's New Jersey office negotiated a $192 million construction to permanent loan on URL® Harborside 1. The project will be located at 200 Greene Street in the Harborside Financial District in Jersey City, NJ, and will consist of a 69 story apartment tower containing 763 units, 5,204 square feet of retail space and an 8-story parking garage containing 222 spaces.

The building will be one of the first in the market to introduce an emerging concept of beautifully designed, sustainable and space efficient units under the banner of URL® (Urban Ready Living®). Designed to target professionals from a variety of industries who demand amenities over space, there will be a focus on creating unique and usable common spaces such as shared work spaces with wi-fi throughout all common areas, a café, an outdoor pool, garden lounge area and a state-of-the-art fitness center.

The developer, Harborside Unit A Urban Renewal, is a joint venture between Mack-Cali Realty and Ironstate Holdings.

“Given the 30 month estimated construction period, the borrower wanted to take out interest rate risk and requested a construction to permanent loan where the interest rate was locked at application. Pacific Life took the time to understand the market and new unit design concept and provided an attractive 15-year fixed rate loan with seven years interest only,” says Gary Cohen, senior vice president and senior director of Northmarq's New Jersey based regional office.

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NorthMarq Arranges Loan for Sustainable Jersey City MF Project

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