By Joshua Burd
A developer has snagged a $97 million construction loan for its plan to create 110 upscale, loft-style condominiums at what’s currently an industrial building in southwest Hoboken.
Madison Realty Capital, the Manhattan-based private equity firm, announced Thursday that it provided the debt to the Taurasi Group in connection with the project at 38 Jackson St. The news comes with construction already underway, with plans calling for an adaptive reuse of the five-story building that would result in a nine-story, 493,915-square-foot property with luxury homes, communal amenities, some 50,000 square feet of ground-floor retail space and structured parking for 300 cars.
The project is slated for completion by the third quarter of 2025.
“The Taurasi Group is an experienced developer of premium housing projects including numerous residential condominiums in Hoboken,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “Conveniently located directly across the river from New York City, the South End of Hoboken has emerged as a charming and vibrant neighborhood with fast-growing demand for highly amentized, luxury residential offerings. We are pleased to provide a flexible source of financing to support an experienced local borrower in the redevelopment of this property, which will help meet the strong demand for high-quality mixed-use residences in Hoboken.”
Madison added that, upon completion, the property will include a unit mix of one- to five-bedroom homes with unobstructed views of the Manhattan skyline. Each will have high-end appliances, materials and design elements, while buyers will have access to amenities such as a fitness center, a rooftop pool and sundeck, a lounge and grilling areas, a tenant clubroom, garage parking and a centralized enclosed atrium.
