November 19, 2019
CBRE Capital Markets’ debt & structured finance team secured a $300-million construction loan to finance The Charlotte, a 57-story, 750-unit Class A multifamily development at 25 Christopher Columbus Dr. in Jersey City. The firm’s Michael Sherman and Irene Lu placed and secured the loan on behalf of Mack-Cali/Roseland Residential Trust.
The non-recourse, Libor + 270 loan has a five-year term with a one-year extension.
“The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” said Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.”
Mack-Cali/Roseland Residential will construct a 36,000-square-foot elementary school in a corner of the parcel, to be deeded over to Jersey City upon completion. The project contains 37 affordable units.
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