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HOBOKEN, NJ-Construction financing totaling $36.5 million has been arranged for Kawoz Associates, a locally based development group, for that company’s new Velocity condominium project. The funding was arranged by Greg James, a vice president in the Saddle Brook, NJ office of LJ Melody & Co., the real estate banking arm of CB Richard Ellis.

The financing was provided by a New York metropolitan area bank, which was not identified. The loan represents 90% of the total cost of the project, according to James, but further terms were not disclosed.

When it’s completed, Velocity condominiums will be made up of a total of 128 residential units, with total building space amounting to more than 205,000 sf, according to James. The property, located on Jackson Street, is adjacent to a new Bergen-Hudson Light Rail station in western Hoboken.

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