Plans for 305 Coles St. in Jersey City call for a mix of studio, one-bedroom and two-bedroom units, amenities and ground-floor retail space within a 12-story complex. — Rendering by Minno & Wasko Architects & Planners/Courtesy: JLL
By Joshua Burd
The Hekemian Group has secured financing from multiple lenders for a planned 465-unit luxury apartment property in Jersey City, brokers with JLL announced Tuesday.
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 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.
