NorthMarq Capital arranges $192 million construction to permanent loan on URL® Harborside 1 in Jersey City, New Jersey

URL® Harborside 1
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NEW JERSEY (September 10, 2014) – 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 square feet of retail space and an 8-story parking garage containing 222 spaces. The building will be one of the first in the market to introduce an emerging concept of beautifully designed, 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 unique and 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.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.

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