We are seeing more tours from brand name companies with great credit, but decision makers still aren’t ready to make a commitment. Liquidity is coming back into the market; Amazon is back in the market. Construction starts are down and the fundamentals are improving but there is still uncertainty in the market.
JLL
JLL worked on behalf of the borrower to arrange $155 million in construction financing for Charlie, a 386-unit multifamily development in Hoboken, New Jersey. The 27-story, luxury mixed-use residential tower is currently under construction and scheduled for completion in 2026. The development includes 386 units with an average size of 698 square feet, offering studios and junior one-, one-, two- and three-bedroom options. Units feature SmartRent controls for HVAC, along with top-tier amenities like a concierge service, fitness center and large rooftop deck with a pool. This project is also part of a public/private initiative to improve the Hoboken train station area and will receive New Jersey Aspire tax credits.