Hudson Lights Project Secures Critical Financing

FORT LEE, NJ-The much-anticipated Hudson Lights mixed-use development has secured the necessary $218 million in financing to commence phase one of the project to be built at an eight-acre parcel at the base of the entrance to the George Washington Bridge.

The joint venture partnership of Tucker Development Corp. Ares Management and Kushner Real Estate Group announced the closing of the debt and equity financing that was arranged by the U.S.-based unit of Savills. The package includes a $117-million construction loan provided by Sovereign Santander Bank.

The first phase of Hudson Lights will consist of 143,000 square feet of retail space, 864 parking stalls and 276 luxury apartments. Amenities at the apartment development will include a pool, lounge, fitness center, rooftop terrace and gardens. Phase I of Hudson Lights will total approximately 517,000 square feet of commercial and residential space, exclusive of structured parking, company officials say.

“Receipt of this critical financing is a testament to the demand that exists in the market for thoughtfully designed, mixed-use developments in prime locations, as well as the strength of the world-class team that has been assembled to deliver Hudson Lights,” states Richard H. Tucker, president and CEO of Tucker Development. “We look forward to soon commencing construction on what promises to be one of the region's foremost, urban-inspired destinations for shopping, dining, entertainment and luxury residential opportunities.”

Tucker Development is constructing Hudson Lights with its development partner, KRE Group. Tishman Construction Corp. is serving as the development's general contractor. KRE Group will also assist with property management for the development's residential component upon completion. Robert K. Futterman & Associates is serving as the development's exclusive retail leasing agent.