Silver Arch Capital Partners has provided a $10.75 million refinancing loan for a planned 276-room Marriott hotel on the Jersey City waterfront.
The 15,300 s/f parcel, which is located at 155 Luis Munoz Marin Boulevard in Hudson County, is flanked by the Hackensack River and the Hudson River. Once it’s built, the site will contain a 202,495 s/f hotel with a restaurant, a bar, a roof lounge and a fitness center. The developers, Statue of Liberty Harbor North Development Urban Renewal, LLC and Tramz Hotels Group, hired Gruzen Samton Architects to design the building.
“We see waterfront areas as particularly attractive,” says Jeffrey Wolfer, the president and CEO of Silver Arch Capital Partners. “Jersey City is one of the most desirable areas on the east coast. The property is in close proximity to nearly 6 million square feet of office space, 5,000 residential units and is just across the Hudson River from the financial district in lower Manhattan.”
With the project going forward, the pace of development in the Jersey City waterfront continues to gain momentum. The area registered the highest number of residential permits in the state in 2015. The most significant product of the building boom is 99 Hudson, a 900-foot tall building that is expected to be the tallest in the area once it’s built.