A rendering of The Charlotte, a planned 750-unit residential tower at 25 Christopher Columbus Drive in Jersey City — Courtesy: CBRE/Elkus Manfredi Architects
By Joshua Burd
Mack-Cali Realty Corp. has closed on a $300 million construction loan for its planned 750-unit residential tower in downtown Jersey City, brokers with CBRE announced Monday.
The real estate services firm represented Mack-Cali and its Roseland Residential Trust subsidiary in securing the financing for The Charlotte, which will rise 57 stories at 25 Christopher Columbus Drive. An undisclosed lender is providing the nonrecourse, LIBOR + 270 loan, which has a five-year term with a one-year extension.
“The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” said CBRE’s Michael Sherman, who placed and secured the loan alongside Irene Lu of CBRE’s Midtown Manhattan office. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.”
Construction is now underway at a site that Mack-Cali, which is based in the city, acquired in late 2017. Plans call for the inclusion of 37 affordable units, along with a 36,000-square-foot elementary school in a corner of the parcel to be deeded over to Jersey City upon completion.
Located between Warren and Washington streets, the project will also include structured parking and a host of luxury amenities for residents.