JERSEY CITY, NJ-Corus Bank has closed a $42 million construction loan to Montgomery Greene Urban Renewal LLC for their Montgomery Greene Condominiums project here. The borrower is an affiliate of Time Equities Inc and the KOR Cos. The lender is the banking subsidiary of the Chicago-based Corus Bankshares. Further details of the financing were not disclosed.

And while Corus has been an active lender for a number of years across the Hudson River in Manhattan, the funding is the bank’s first condominium construction loan in New Jersey. “Expansion into the New Jersey market is a logical step for us,” says Timothy J. Stodder, first vice president of Corus Bank. “With our experience with lending in major markets across the country, we recognized the attractive conditions in the Jersey City market and quickly structured, approved and closed this loan.”

Currently under construction, the 19-story Montgomery Greene will contain a total of 113 luxury residential units, along with 3,700 sf of retail space and a 123-space parking garage. It’s located near the waterfront in this city’s Paulus Hook section, across from Lower Manhattan.

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