A developer has secured a $65 million construction loan for a new 337-unit luxury apartment building in Jersey City’s West Side neighborhood, brokers with JLL announced Tuesday.
Residential & Mixed Use
The construction boom in New Jersey is no more evident than in the multifamily and mixed-use sector, thanks to changing demographics and the demand for urban-style living, even in the suburbs.
Inflation and the effects on new construction in 2022
As the United States tries to claw its way out of the COVID-19 pandemic, a long-discussed concern in the market has finally started to come to fruition and affect the economy globally. A disrupted supply chain, labor shortages and record government stimulus has begun to drive prices higher leaving nearly all industries uncertain of what the future holds. For the real estate and construction industry, an elevated inflation rate and the setbacks from the pandemic have resulted in what some call a perfect storm that is showing to have a magnified impact on the development costs and timelines of new projects.
