Tishman Speyer Lands $300M Loan for Jersey City Project


Jersey City’s apartment boom continues ramping up.

Tishman Speyer scored a $300 million construction loan for the development of 55 and 50 Hudson Street on the New Jersey waterfront, Bloomberg reported. Otera Capital financed the project, set to unfold on a ground lease owned by Goldman Sachs.

The larger part of the development will be 55 Hudson Street. Rob Speyer’s firm plans to start construction on a 58-story tower this month, expected to be completed in early 2027. The site will include more than 1,000 rental units.

Once that wraps, Tishman will move on to the 48-story building at 50 Hudson Street, which will include more than 900 apartments, according to Jersey Digs.

All together, the development will consist of nearly 2,000 units spanning, more than 70,000 square feet of retail space and a 32,000-square-foot plaza on the waterfront.

Generally, construction financing has been harder to come by in recent years amidst the property market downturn and the rise of interest rates. But in Jersey City, development seems to be booming.

Over the summer, Panepinto Properties pulled in a $193 million non-recourse construction loan for the building of Pathside on Summit Avenue. The 53-story, 605-unit luxury development is expected to wrap construction in the second quarter of 2026.

In June, Brookfield Properties and G&S Investors landed an apt $420 million construction loan for a project at 420 Marin Boulevard, a 60-story development that will include 802 market-rate units and a bevy of retail space. Union Labor Life Insurance led the financing for the development.

Lenders and borrowers alike are hoping to take advantage of one of the country’s hottest rental markets. Last month, a one-bedroom unit in Jersey City came in at a median of $3,090, according to listing site Zumper. Only New York sported a higher median rent.

Holden Walter-Warner

Read more

Source link

You may also like