Harrison Yards development underway in New Jersey
JLL Capital Markets arranges capital stack for NJ mixed-use development
NEW YORK, Jan. 19, 2021 – JLL Capital Markets announced today the closing of an $89.5 million loan from Invictus Real Estate Partners LLC (“Invictus”) to Eastone Equities for the development of the Harrison Yards multi-housing community in Harrison, New Jersey.
JLL worked with Invictus to arrange the capital stack for the $89.5 million loan from Invictus to Eastone Equities. The funds will be used for completion of Phase I and predevelopment of Phase II of the project.
Phase I is almost complete and includes 205 residential apartments, a resident lounge, on-site leasing office, rooftop terrace, fitness center, 215 parking spaces and 7,670 square feet of retail space. Phase II has been approved for Eastone Equities to construct an additional 898 apartment units, 204,709 square feet of commercial space, a 200-key hotel and 1,350 additional parking spaces.
Harrison Yards will offer a strong-value alternative with larger units when compared to new developments in the Jersey City area. The community is located at 700 Frank E. Rodgers Blvd., adjacent to the Harrison PATH Station, which allows connectivity to various hot spots in 20 minutes or less including Newark Penn Station, Jersey City, Newark Liberty International Airport and Manhattan.
The JLL Capital Markets team was led by Managing Directors Scott Aiese and Peter Rotchford, Vice President Alex Staikos and Analyst Brendan Collins.
“Harrison Yards will be a cornerstone of Harrison, NJ, located outside the PATH station and benefiting from the immediate transit connectivity,” said Aiese. “Capital markets participants were excited by the luxury quality of Phase 1, including expansive windows offering city views, oversized units, over 9’ ceiling heights and a full amenity package.”
”We are happy to work with Eastone Equities to capitalize the Harrison Yards project,” said Eric Scheffler of Invictus. “It is the centerpiece project of the Harrison, NJ redevelopment, which offers newly-constructed, luxury-amenitized apartments and retail, adjacent to the PATH Station, at a material discount to Jersey City.”
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 sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Invictus Real Estate Partners LLC
Invictus is a New York-based real estate private equity company. Its principals have 120+ years of investment experience in making equity and debt investments, utilizing creative structures to align interests with its partners. Invictus has completed over $350mm of closings in the last six months.
About Eastone Equities
With over 20 years of cross-industry experience, Eastone Equities is a full-service private equity firm focusing on financial services, fintech and real estate development. Eastone Equities is involved in a broad range of real estate businesses, including construction, development, asset acquisition and disposition, property management, insurance brokerage and title services.