Harbor 1500 in Weehawken — Courtesy: The Maxal Group/Hartz Mountain Industries
By Joshua Burd
A joint venture has secured $100 million in financing for a newly delivered, 236-unit apartment building along the Hudson waterfront, in a newly announced transaction by M&T Bank.
The Buffalo, New York-based lender announced that it has closed on the syndicated loan to Hartz Mountain Industries and The Maxal Group, the developers of the project known as Harbor 1500. The luxury complex, which sits on a pier that extends 765 feet into the river, is the latest addition to the mixed-use Lincoln Harbor neighborhood in Weehawken.
“Having developed over 1,500 residential units over our history, we’re committed to providing residents with well-located, luxury rental communities that offer shorter commutes and a wealth of amenities,” said Gus Milano, Hartz’s president and chief operating officer. “We are excited to have closed on this financing with M&T Bank and The Maxal Group, which brings us another step closer to fulfilling that commitment.”
Hartz and Maxal gathered in late June to celebrate the opening of the project, which has transformed the former site of a defunct office building. Located on the south end of the town’s booming waterfront, the six-story complex provides sweeping views of Manhattan and a long list of upscale amenities to its renters.
“M&T is proud to support the growth of Harbor 1500 and Lincoln Harbor Complex,” said Anthony Filorimo, a vice president at M&T Bank. “Not only does the new complex developed by Hartz and The Maxal Group provide modern, luxury housing at a more attainable price for New Jersey residents, it offers convenience and accessibility to the New York metropolitan area’s major employment centers.”
Amenities at the complex span roughly 30,000 square feet and include a sky pool, spa, grill area with bar seating and a fitness center, among other features. Residents also benefit from the recent delivery of a new Whole Foods Market across the street, along with other restaurant and retail amenities within Lincoln Harbor.
“At Maxal, we strive to deliver state-of-the-art residential properties to the market,” said Bruce Sturman, managing director of The Maxal Group. “With an additional 1,200 units in development on the Hudson River in New Jersey, we’re focused on developing high-profile real estate properties that have potential to provide an unparalleled level of luxury living. Harbor 1500 further demonstrates our commitment to delivering that unique and superior living experience.”