Mack-Cali Lands $300M in Financing for Jersey City High-Rise
The deal, announced by CBRE Capital Markets’ Debt & Structured Finance team, is for the Jersey City-based real estate developer’s The Charlotte project, which will feature 750 units at 25 Christopher Columbus Drive in Jersey City.
JERSEY CITY, NJ—Mack-Cali/Roseland Residential Trust has secured a $300-million construction loan to finance its 57-story multifamily tower here.
The deal, announced by CBRE Capital Markets’ Debt & Structured Finance team, is for the Jersey City-based real estate developer’s The Charlotte project, which will feature 750 units at 25 Christopher Columbus Drive in Jersey City. The project will contain 37 affordable units.
Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office placed and secured the loan on behalf of Mack-Cali/Roseland Residential Trust. The non-recourse, LIBOR + 270 loan has a five-year term with a one-year extension.
“The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” says CBRE’s Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.”
In connection with the development of The Charlotte, Mack-Cali/Roseland Residential will be constructing a 36,000-square-foot elementary school in a corner of the parcel to be deeded over to Jersey City upon completion.