Manhattan Building Co. is set to begin construction on an 80-unit apartment building at 40 Center St. in Jersey City, as depicted in this rendering. — Courtesy: Greystone
By Joshua Burd
A developer has landed a $30 million construction loan for an 80-unit apartment building in Jersey City, according to a debt placement team with Greystone.
The borrower, affiliates of Manhattan Building Co., secured the financing through White Oak Real Estate Capital in connection with the project at 40 Center St. The six-story development will mark the first phase of what’s known as the Bates Street Redevelopment Area, a nine-acre tract at the edge of downtown Jersey City, for which MBC serves as the master developer.
Greystone’s Drew Fletcher, Matthew Hirsch and Bryan Grover arranged the transaction.
“MBC is a leading owner, developer and builder of apartments in Jersey City,” said Fletcher, president of Greystone Capital Advisors. “We are pleased to have started our relationship with them on this transaction and are happy to have brought together MBC and White Oak on an excellent execution.”
Greystone announced the deal Monday, noting that 40 Center St. will also include 80 parking spaces and around 3,200 square feet of ground-floor commercial space. Plans call for larger-than-average unit sizes and amenities such as a fitness center with sauna and a rooftop lounge with sweeping views of Jersey City and Manhattan, as MBC looks to appeal to young professional renters.
The project is less than two miles from the developer’s prior residential projects, Soho Lofts and Cast Iron Lofts, as well as a planned four-tower, 1 million-square-foot effort known as Hudson House.
“Greystone Capital Advisors did a fantastic job advising us through this process, and we are very fortunate to have launched a relationship with White Oak,” said John Palumbo, vice president of real estate development at MBC, which is based in the city.
Construction inside the Bates Street Redevelopment Area is more than 15 years in the making, with a redevelopment plan that was adopted by the city in 2006.
“We are excited to support MBC on this high-quality project in the growing Jersey City multifamily market,” said Eric Tanjeloff, managing principal of White Oak Real Estate Capital. “Greystone was instrumental in driving the transaction closing and we are thankful for the rigor and thoughtfulness they demonstrated throughout the process.”