CBRE Capital Markets’ Debt & Structured Finance team secured a $300 million construction loan to finance The Charlotte, a 57-story, 750-unit Class A multifamily development at 25 Christopher Columbus Drive in Jersey City, NJ.
Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office placed and secured the loan on behalf of Mack-Cali/Roseland Residential Trust.
The non-recourse, LIBOR + 270 loan has a five-year term with a one-year extension.
“The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” said Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.”
Mack-Cali/Roseland Residential will be constructing a 36,000 s/f elementary school in a corner of the parcel to be deeded over to Jersey City upon completion.
The project contains 37 affordable units.