Hopkins Group Management is planning a new mixed-use building at 165 Newark Ave. in Jersey City, where plans call for 50 apartments and 13,904 square feet of commercial space. — Renderings courtesy: CBRE
By Joshua Burd
A developer has landed nearly $35 million in financing for a plan to bring 50 new apartments with ground-floor retail space to downtown Jersey City, according to brokers with CBRE.
The advisory team, which represented the borrower, said the capital sources include a senior construction loan provided by Goodman Capital and mezzanine debt from SteepRock Capital. The $34.5 million package allows Hopkins Group Management to move ahead with the project at 165 Newark Ave., which will create new upscale housing as well as 13,904 square feet of retail space alongside the Newark Avenue Pedestrian Plaza and one block from the Grove Street PATH station.
CBRE’s Matthew Pizzolato and Josh Stein arranged the financing, noting that residents of the seven-story building will be able to reach Lower Manhattan in less than 10 minutes and Midtown in less than 20 minutes.
“Well-located, transit-oriented multifamily developments like 165 Newark Avenue continue to attract strong interest from the debt capital markets,” Pizzolato said. “By structuring a thoughtfully layered capital stack, we were able to deliver a financing solution that allows our client to advance the project with minimal need for additional outside equity.”
