Manhattan Building Co. Secures $395M for Next Phase of Jersey City Project

Manhattan Building Company has secured a total of $395 million for a 1,089-unit multiple phased mixed-use development spanning four buildings in Jersey City, NJ.

The loan, provided by Madison Realty Capital has been upsized to a total commitment of $395 million. The initially originated as $168 million for development of the first phase of the Emerson Lofts project in 2019 and upsized the loan to $228 million earlier this year for the next phase of the development. The amended loan will be used to complete the conversion of an existing warehouse building into a 140-unit multifamily property and begin development of the next phase, a 338-unit multifamily high-rise.