By Joshua Burd
The developer of 44 new luxury apartments in Jersey City’s West Side neighborhood has secured nearly $10 million in construction financing, brokers with JLL announced.
The borrower, 70 Fisk LLC, will use the proceeds to support the project known as One Mallory that is slated to be complete by spring 2024, according to a news release. Spencer Savings Bank is providing the 2.5-year, floating-rate construction loan for the project at 70 Fisk St.
“Jersey City’s West Side has shown exciting momentum over the last 24 months or so with several new projects breaking ground or being completed,” JLL’s Max Custer said. “One Mallory will undoubtedly be a fantastic addition to this quickly evolving neighborhood.”
Custer, a director with the firm, worked alongside Senior Director Thomas E. Didio Jr. to arrange the $9.775 million loan on the borrower’s behalf. They noted that the developer’s plans call for a mix of studio, one-bedroom and two-bedroom units with high-end amenities, including an 1,800-square-foot rooftop deck with lounge seating and scenic city views, a modern fitness center, an oversized resident lounge with televisions and a wet bar, electric car charging stations, bike storage and covered parking for 22 vehicles.
Residents will benefit from their proximity to the Hudson-Bergen Light Rail’s West Side Avenue station, which is two blocks from the project site. The Journal Square PATH station, meantime, is about two miles from the property and Route 440 is only two blocks to the west.
Nearby destinations also include New Jersey City University and Saint Peter’s University, along with recreational, shopping and dining attractions such as Courtney Fricchione Park, Hudson Mall and Lincoln Park.
