November 8, 2019
Madison Realty Capital (MRC) provided a $168-million loan collateralized by the Emerson Lofts, a planned 1,000-unit mixed-use residential development in Jersey City.
The loan allows the borrower, Manhattan Building Company, to complete the first phase of the fully approved project, and will fund predevelopment on three subsequent phases. Phase I consists of a 26-story tower with 350 residential units, more than 10,000 square feet of retail, an approximately 24,000-square-foot community center, a public park and parking.
“This highly reputable sponsor has extensive experience developing institutional quality real estate in Northern New Jersey, having successfully executed similar business plans in the immediate area,” said Josh Zegen, co-founder and managing principal of MRC.
He added, “We are confident we will be able to replicate the success of the sponsor’s past projects, given that this property will fill a market need for additional high-quality residential units in Jersey City.”
For comments, questions or concerns, please contact Paul Bubny