$65M in financing secured for multi-housing development in Jersey City
JLL Capital Markets arranged the construction loan for the 337-unit project at 49 Fisk Street
MORRISTOWN, N.J. – December 14, 2021 – JLL Capital Markets announced today that it has arranged $65 million in construction financing for the development of 49 Fisk Street, a 337-unit, luxury, mid-rise multi-housing project in Jersey City, New Jersey.
Located on a 1.84-acre site in Jersey City’s West Side neighborhood, 49 Fisk Street will redevelop a former industrial building with a six story, luxury apartment building featuring 337 market rate apartments and 143 parking spaces. The completed project will include a mix of studio, one- and two-bedroom units averaging 612 square feet. 49 Fisk will be a strategically designed, amenity focused development that addresses new consumer preferences in a post-Covid world with more than 48,000 square feet of lifestyle and amenity space. The building design will emphasize innovation and sustainability, with key focuses on resident health and wellness and the potential for extended hybrid work models. Apartments will feature modern finishes, including stainless steel appliances, nine-foot ceilings, quartz countertops and wood-style flooring, along with having stackable washers and dryers. Community amenities will include co-working spaces, a large 14,000 square foot green park, a 18,500 square foot rooftop deck with grilling stations, a speak-easy style bar, a community garden, game room, oversized fitness center and a shuttle service to the Journal Square PATH Station.
49 Fisk Street is a short five minute walk to the West Side Avenue Light Rail on the Hudson-Bergen Line, which provides access to both Wall Street and Penn Station within 30 to 40 minutes via connections to the PATH. The project’s shuttle service to the Journal Square PATH station will provide residents with additional options for commuting directly into the lower Manhattan World Trade Center Station within 30 minutes. Additionally, the property is 15 minutes from Newark Liberty International Airport, the New York Waterway Ferry and the New Jersey Transit Hoboken Terminal station, providing additional transportation to nearby employment, retail and entertainment hubs.
The property is located in the West Side submarket, one of Jersey City’s newest transformative and gentrifying neighborhoods. The area has demonstrated impressive market fundamentals over the last several years followed by a wave of new investment that has included New Jersey City University’s 22-acre expansion project and the 95-acre Bayfront redevelopment. 49 Fisk Street is expected to open its doors by late 2023.
The JLL Capital Markets Debt Advisory team representing the developer was led by Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti, Directors Thomas E. Didio, Jr. and Max Custer and Associate Carlos Silva.
“Jersey City has been the beneficiary of tremendous post-COVID rental demand for multi-housing. Bank OZK was quick to recognize this demand resurgence and bid the non-recourse financing aggressively for the borrower,” said Didio, Jr. “This transaction marks our 20th in Hudson County since the onset of COVID, equating to more than $615 million in total deal volume.”
“We are thrilled to have aided Halpern Real Estate Ventures in arranging construction financing for 49 Fisk Street,” added Custer. “HREV designed a carefully thought-out project with best-in-class features and amenities which will undoubtedly lead to tremendous success.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Halpern Real Estate Ventures
HREV was founded in 2011 by a core team of experienced professionals, bringing together substantial track record as real estate owners, institutional investors, and capital markets professionals. HREV’s senior Principals have 3+ decades of experience in ground-up development and have managed several billions of dollars in institutional and high net worth capital. Since its inception, the platform has executed 16 investments, with 11 successful realizations and 5 active investments representing well over $1.5 billion of development value. Today, HREV is actively engaged as a sponsor and operating partner in major metropolitan centers and urban lifestyle cores in the Northeast and Colorado Front Range.