NorthMarq Capital arranges $192 million construction to permanent loan on URL® Harborside 1 in Jersey City, New Jersey
URL® Harborside 1
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.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.