Jersey City Multifamily Project Secures $168M Loan

JERSEY CITY, NJ— Manhattan Building Co. of Jersey City has secured $168 million in financing for its planned 1,000-unit mixed-use Emerson Lofts residential project at 315-326 15th St. here.

The loan collateralized by Emerson Lofts was provided by New York City-based Madison Realty Capital and allows Manhattan Building Co. to complete the first phase of the fully approved project and fund pre-development on three subsequent phases.

Phase one will consist 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 able to replicate the success of the sponsor’s past projects given that this property will fill a market need for additional high-quality residential units in Jersey City, which continues to benefit from recent surges in population and income growth as well as its proximity to Manhattan.”

Manhattan Building previously developed SoHo Lofts and the Cast Iron Lofts developments in Jersey City. The 377-unit SoHo Lofts property, which sits around the corner from Emerson Lofts, was sold earlier this year for approximately $264 million, or approximately $700,000 per unit, to Mack-Cali Realty Corp.

Emerson Lofts will benefit from the same market fundamentals as its previous Jersey City developments and offers a similar above market amenities package, including a large, resort-style lobby, a 28,000-square-foot outdoor roof deck with pool, and a fitness center and spa.