Northmarq Capital’s New Jersey office negotiated a $192,000,000 construction to permanent loan on URL Harborside 1.
The project will be located at 200 Greene Street in the Harborside Financial District in Jersey City, New Jersey, and will consist of a 69 story apartment tower containing 763 units, 5,204 s/f of retail space and an eight-story parking garage containing 222 spaces.
The building will be one of the first in the market to introduce an emerging concept sustainable and space efficient units under the banner of URL® (Urban Ready Living®).)
Designed to target professionals from a variety of industries who demand amenities over space, there will be a focus on creating usable common spaces such as shared work spaces with Wi-Fi throughout all common areas, a café, an outdoor pool, garden lounge area and a state-of-the-art fitness center.
The developer, Harborside Unit A Urban Renewal, LLC is a joint venture between Mack-Cali Realty, L.P. and Ironstate Holdings, LLC.
“Given the 30 month estimated construction period, the borrower wanted to take out interest rate risk and requested a construction to permanent loan where the interest rate was locked at application. Pacific Life took the time to understand the market and new unit design concept and provided an attractive 15 year fixed rate loan with seven years interest only,” said Gary Cohen, senior vice president and senior director of Northmarq’s New Jersey based regional office.
Mack-Cali and Ironstate Development are receiving $33 million in tax credits to build the three-tower apartment development that will increase the people into square feet equation.
The joint venture partners say their Urban Ready Living concept allows for “tremendous living density in a small footprint.”
The first 69-story tower with 763 apartment units built on a parking pedestal will be 25 percent 470 s/f studios, with some smaller micro studios, 59 percent one-bedroom units at approximately 630 s/f each, and 16 percent two-bedroom units at approximately 870 s/f each.