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HEKEMIAN GROUP INKS FINANCING
FOR 465-UNIT JERSEY CITY PROJECT
The Hekemian Group has secured
financing from multiple lenders for
a planned 465-unit luxury apartment
property in Jersey City, brokers with
JLL announced.
In a news release, the debt placement
team said Kennedy Wilson is
providing senior financing for an
undisclosed amount in connection
with the project at 305 Coles St.,
where plans call for a mix of studio,
one-bedroom and two-bedroom units,
amenities and ground-floor retail
space. Red Cove Capital, meantime, is
providing mezzanine financing for the
12-story development.
JLL Senior Managing Director
Thomas Didio,
Managing
Director
Thomas E. Didio
Jr., Director
Gerard Quinn
and Associate
John Cumming
sourced the
Thomas Didio
financing on the
borrower’s behalf. Minno & Wasko
Architects & Planners is the project’s
design team.
“Jersey City’s multifamily market
continues to demonstrate robust
fundamentals, attracting both
developers and investors with its
strong demographics and proximity
to Manhattan,” Didio Jr. said.
“The successful
arrangement of
this financing
underscores
confidence in
the New Jersey
waterfront and
affirms the quality
of this luxury
development led
by The Hekemian
Group. 305 Coles is
poised to meet the
growing demand
for high-end rentals
in this thriving
submarket.”
Located just south
of Hoboken and
west of the Holland
Tunnel, the development site is part
of a growing residential enclave
that has transformed a historically
industrial neighborhood. Developers
in recent years have delivered or
broken ground on thousands of
apartments around the site, which is
about a mile from Hoboken Terminal.
Hekemian will look to capitalize
on the neighborhood’s recent
momentum and on a submarket that
benefits from Manhattan renters
seeking more affordable options.
JLL also noted that residents within
a one-mile radius of the Coles Street
site have an average annual income of
$196,344.
Amenities at the property will include
a rooftop pool and lounge area, a golf
simulator, club rooms, work lounges,
a fitness center, concierge service
and on-site garage parking. Residents
will also have views of the Manhattan
skyline as well as direct access to
8,142 square feet of ground-floor
retail space.
Rendering by Minno & Wasko Architects & Planners/Courtesy: JLL
Plans for 305 Coles St. in Jersey City call for a mix of studio, one-bedroom and two-bedroom units, amenities
and ground-fl oor retail space within a 12-story complex.
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