A new 337-unit luxury apartment building at 49 Fisk St. in Jersey City, as depicted in this rendering, is slated for delivery in late 2023. — Courtesy: JLL
By Joshua Burd
A developer has secured a $65 million construction loan for a new 337-unit luxury apartment building in Jersey City’s West Side neighborhood, brokers with JLL announced Tuesday.
In a news release, the real estate services firm said it sourced the financing on behalf of Halpern Real Estate Ventures, which recently broke ground on the project at 49 Fisk St. Bank OZK is providing the four-year, floating-rate loan.
JLL Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti, directors Thomas E. Didio Jr. and Max Custer and Associate Carlos Silva led the assignment.
“Jersey City has been the beneficiary of tremendous post-COVID rental demand for multi-housing,” Didio said. “Bank OZK was quick to recognize this demand resurgence and bid the nonrecourse financing aggressively for the borrower. This transaction marks our 20th in Hudson County since the onset of COVID, equating to more than $615 million in total deal volume.”
Located on a 1.84-acre site, 49 Fisk St. will redevelop what was a former industrial building with a six-story, luxury apartment property, the news release said. The completed project will include a mix of studio, one-bedroom and two-bedroom units averaging 612 square feet, with 143 parking spaces and more than 48,000 square feet of amenity space.
JLL also cited the developer’s focus on innovation and sustainability, which will tie to resident health and wellness and the potential for extended hybrid work models. Amenities will include co-working spaces, a 14,000-square-foot green park and an 18,500-square-foot rooftop deck, among others, plus a shuttle service to the Journal Square PATH Station.
The site will also provide residents with easy access to other mass transit options, while it will become part of a burgeoning section of Jersey City that has attracted a host of other developers in recent years. JLL said 49 Fisk is slated to open its doors by late 2023.
“We are thrilled to have aided Halpern Real Estate Ventures in arranging construction financing for 49 Fisk Street,” Custer said. “HREV designed a carefully thought-out project with best-in-class features and amenities which will undoubtedly lead to tremendous success.”
Developer, local officials mark start of 337-unit rental project in Jersey City