Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here and to read more on the multifamily market, click here.)

JERSEY CITY-Mocco Enterprises has picked up a $60-million land/construction loan for the initial phase of its Liberty Harbor North mixed-use community currently under construction on this city’s lower waterfront. The financing covers initial construction of the project’s first phase, including 269 luxury condos comprised of townhouses, brownstones and an eight-story mid-rise, as well as an eight-story, 140-unit rental building.

As reported by GlobeSt.com, the first phase will also include a one-million-sf, 32-story office tower, the construction of which awaits the signing of an anchor tenant, another 400 residential units and 80,000 sf of retail. Estimated price tag for the full phase one has been put at $200 million.

“Liberty Harbor North has been more than 20 years in the making,” says Peter Mocco of the New York City-based Mocco Enterprises, who assembled the 25-square-block site in 1984 and has spent most of the time since dealing with site remediation, legal issues and an extended permitting process. After Phase I, the larger plan calls for a 10- to 15-year build-out, carrying an estimated $2-billion price tag, that will add up to more than 6,000 residential units, plus what Mocco terms a “complementary” retail component and hotels. Master planned by architect Andres Duany, it will encompass a plan of what he terms “new urbanism,” focused on dense mixed-use neighborhoods. The site is directly across a canal from Liberty State Park and the Liberty Science Center.

“Actually, we’re zoned for more,” Mocco told GlobeSt.com last year, when detailed plans were unveiled. “The zoning permits more than 6,500 units, 1.2 million sf of commercial space and five million sf of office space. But sometimes your zoning permits you to build more than you can physically build. Sometimes the market doesn’t permit you to build the total envelope.”

The loan was arranged by Mark Cohen, senior director in CBRE

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.