A rendering of Avora in Weehawken — Courtesy: Landsea
By Joshua Burd
A developer has closed on more than $100 million in construction financing for its high-end, 184-unit condominium project on the Hudson waterfront, where construction is well underway.
The builder, Landsea, announced Tuesday that it has secured the $102.3 million loan for its planned Weehawken community known as Avora. The firm secured the financing with the assistance of HFF through the Bank of the Ozarks.
Facing Midtown Manhattan, the amenity-rich, 10- and 11-story building is under construction, with one-, two- and three-bedroom homes priced from around $800,000 to $4 million, the firm said. Initial occupancy is scheduled for the first quarter of 2018.
“Securing this financing reflects the appeal of Avora by a commercial lending institution eager to invest in a project with an exceptional Manhattan-centric location, world-class design, and a global marketing program that has already yielded significant pre-construction sales in the United States and abroad,” John Ho, CEO of Landsea, said in a prepared statement. “Avora continues Landsea’s nationwide strategy to acquire well-located sites in prominent United States gateway cities for transit-oriented, residential developments.”
Avora, part of the master-planned Port Imperial community, also includes 6,000 square-feet of ground-floor retail space. The property’s modern design was conceived by IBI Group, with multiple tiers and a stepped-back look meant to maximize the building’s waterfront location and views of New York City.
The HFF debt placement team representing Landsea was led by HFF senior managing directors Thomas Didio and Michael Gigliotti, along with Executive Managing Director Dan Cashdan.
“The project’s prime location will offer residents the quickest and most convenient access to Manhattan of any luxury condo development along the Gold Coast,” Didio said. “Furthermore, its location abutting the Hudson River will provide residents with sweeping views of the Manhattan skyline that will forever remain unobstructed.”
Amenities include a concierge, private screening theater, business center and a lounge with a bar and catering kitchen, Landsea said in a news release. The property is steps away from the Port Imperial ferry terminal, which offers ferry service to both midtown and downtown Manhattan.