JLL Capital Markets has arranged $65 million in construction financing for the development of 49 Fisk Street, a 337-unit, luxury, mid-rise multi-housing project in Jersey City, New Jersey.
JLL worked on behalf of the developer, Halpern Real Estate Ventures, to secure the four-year, floating-rate, non-recourse loan through Bank OZK.
Located on a 1.84-acre site in Jersey City’s West Side neighborhood, 49 Fisk Street will redevelop a former industrial building with a six story, luxury apartment building featuring 337 market rate apartments and 143 parking spaces. The completed project will include a mix of studio, one- and two-bedroom units averaging 612 square feet.
49 Fisk will be a strategically designed, amenity focused development that addresses new consumer preferences in a post-Covid world with more than 48,000 square feet of lifestyle and amenity space. The building design will emphasize innovation and sustainability, with key focuses on resident health and wellness and the potential for extended hybrid work models. Apartments will feature modern finishes, including stainless steel appliances, nine-foot ceilings, quartz countertops and wood-style flooring, along with having stackable washers and dryers. Community amenities will include co-working spaces, a large 14,000 square foot green park, a 18,500 square foot rooftop deck with grilling stations, a speak-easy style bar, a community garden, game room, oversized fitness center and a shuttle service to the Journal Square PATH Station.
49 Fisk Street is a short five minute walk to the West Side Avenue Light Rail on the Hudson-Bergen Line, which provides access to both Wall Street and Penn Station within 30 to 40 minutes via connections to the PATH. The project’s shuttle service to the Journal Square PATH station will provide residents with additional options for commuting directly into the lower Manhattan World Trade Center Station within 30 minutes. Additionally, the property is 15 minutes from Newark Liberty International Airport, the New York Waterway Ferry and the New Jersey Transit Hoboken Terminal station, providing additional transportation to nearby employment, retail and entertainment hubs.
The property is located in the West Side submarket, one of Jersey City’s newest transformative and gentrifying neighborhoods. The area has demonstrated impressive market fundamentals over the last several years followed by a wave of new investment that has included New Jersey City University’s 22-acre expansion project and the 95-acre Bayfront redevelopment. 49 Fisk Street is expected to open its doors by late 2023.
The JLL Capital Markets Debt Advisory team representing the developer was led by Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti, Directors Thomas E. Didio, Jr. and Max Custer and Associate Carlos Silva.
“Jersey City has been the beneficiary of tremendous post-COVID rental demand for multi-housing. Bank OZK was quick to recognize this demand resurgence and bid the non-recourse financing aggressively for the borrower,” said Didio, Jr. “This transaction marks our 20th in Hudson County since the onset of COVID, equating to more than $615 million in total deal volume.”
“We are thrilled to have aided Halpern Real Estate Ventures in arranging construction financing for 49 Fisk Street,” added Custer. “HREV designed a carefully thought-out project with best-in-class features and amenities which will undoubtedly lead to tremendous success.”