The view from the first phase of Vantage, a 448-unit high-end residential tower at 33 Park Ave. in Jersey City. — Courtesy: Fisher Development Associates
By Joshua Burd
A development team has landed financing for the second of two 45-story apartment towers in Jersey City, securing a $138 million loan from New York Life Real Estate Investors.
The lender, a subsidiary of New York Life Insurance Co., on Tuesday announced the construction financing for Fisher Development and institutional investors. The joint venture is now planning the second phase of what’s known as Vantage, which will comprise a 452-unit apartment tower that will connect to the 448-unit first phase on Park Avenue.
“We are pleased to originate this loan for the second phase of the Vantage Apartments and to work with the development team of Fisher Development and institutional investors advised by J.P. Morgan Asset Management,” said Keith Duane, director of New York Life Real Estate Investors’ Northeast regional office. “The funding of this loan allows the borrower’s joint venture partners to work with a single lender and align the loan maturities for both phases of the project.”
The first phase of Vantage, which offers sweeping views of the Manhattan skyline, the Statue of Liberty and New York Harbor, opened in fall 2017. The building will share its amenity spaces with phase two, which will also benefit from the site’s easy access to the PATH train, the Hudson-Bergen Light Rail and NY Waterway ferry service.
New York Life also financed the first phase, closing on the loan in March 2015.
“This financing demonstrates our ability to not only combine our fixed-rate construction-to-permanent loan product with our traditional floating-rate loan product for phased projects, but also to capitalize on our market presence to source attractive, risk-adjusted debt investments for clients with a variety of required return profiles,” said John Lippmann, New York Life Real Estate Investors’ senior director and head of structuring for the structured lending platform.
Jon Estreich of Estreich & Co. acted as mortgage banker on the transaction.