Madison Realty Capital has provided a $168 million loan collateralized by the Emerson Lofts, a planned 1,000-unit mixed-use residential development project at 315-326 15th Street in Jersey City.
The loan allows the borrower, Manhattan Building Company, to complete the first phase of the fully approved project and will fund predevelopment on three subsequent phases.
Phase I consists of a 26-story tower with 350 residential units, more than 10,000 square feet of retail, an approximately 24,000 s/f community center, a public park, and parking.
Manhattan Building Company developed the nearby SoHo Lofts and the Cast Iron Lofts.
Josh Zegen, co-Founder of Madison Realty Capital, said, “We are confident we will be able to replicate the success of the sponsor’s past projects given that this property will fill a market need for additional high-quality residential units in Jersey City, which continues to benefit from recent surges in population and income growth as well as its proximity to Manhattan.”