Developer Landsea closed on a $102.3 million construction loan for Avora, a 184-unit luxury condominium project on the Weehawken, NJ waterfront facing midtown Manhattan.
The 11-story building, which also includes 6,000 s/f of ground-floor retail space, is under construction, with initial occupancy scheduled for first quarter, 2018.
The financing was secured by Landsea with the assistance of Holliday Fenoglio Fowler, L.P. (HFF) through the Bank of the Ozarks.
John Ho, CEO of Landsea, said: “Securing this financing reflects the appeal of Avora by a commercial lending institution eager to invest in a project with an exceptional Manhattan-centric location, world-class design, and a global marketing program that has already yielded significant pre-construction sales in the United States and abroad. ”
Avora was created by IBI Group with a multi-tiered, stepped-back design. One-, two- and three-bedroom homes will be priced from the $800,000s to $4 million-plus. The HFF debt placement team representing the borrower was led by senior managing directors Thomas Didio, Michael Gigliotti and executive managing director Dan Cashdan.
“The project’s prime location will offer residents the quickest and most convenient access to Manhattan of any luxury condo development along the Gold Coast,” said Didio.