JLL Capital Markets announced the closing of an $89.5 million loan from Invictus Real Estate Partners LLC to Eastone Equities for the development of the Harrison Yards multi-housing community in Harrison, New Jersey.
JLL worked with Invictus to arrange the capital stack for the $89.5 million loan from Invictus to Eastone Equities. The funds will be used for completion of Phase I and predevelopment of Phase II of the project.
Phase I is almost complete and includes 205 residential apartments, a resident lounge, on-site leasing office, rooftop terrace, fitness center, 215 parking spaces and 7,670 s/f of retail space. Phase II has been approved for Eastone Equities to construct an additional 898 apartment units, 204,709 square feet of commercial space, a 200-key hotel and 1,350 additional parking spaces.
Harrison Yards is located at 700 Frank E. Rodgers Blvd., adjacent to the Harrison PATH Station, which allows connectivity to various hot spots in 20 minutes or less including Newark Penn Station, Jersey City, Newark Liberty International Airport and Manhattan.
The JLL Capital Markets team was led by Managing Directors Scott Aiese and Peter Rotchford, Vice President Alex Staikos and Analyst Brendan Collins.
“Harrison Yards will be a cornerstone of Harrison, NJ, located outside the PATH station and benefiting from the immediate transit connectivity,” said Aiese. “Capital markets participants were excited by the luxury quality of Phase 1, including expansive windows offering city views, oversized units, over 9’ ceiling heights and a full amenity package.”
”We are happy to work with Eastone Equities to capitalize the Harrison Yards project,” said Eric Scheffler of Invictus. “It is the centerpiece project of the Harrison, NJ redevelopment, which offers newly-constructed, luxury-amenitized apartments and retail, adjacent to the PATH Station, at a material discount to Jersey City.”