JLL Capital Markets has secured $152 million in construction financing for the development of 35 Cottage Street, a 588-unit apartment building in Journal Square, Jersey City, New Jersey. The financing was secured on behalf of the borrower, Namdar Group, with senior financing provided by Centennial Bank and mezzanine financing through a private lender.
The development will stand 27 stories tall, with two stories allocated for office space and 24 for residential units. The ground floor will be home to a Chabad synagogue, preschool, and the first dedicated party hall in Journal Square.
Plans for 35 Cottage Street, via apophenic on YIMBY forum
Despite rising rents and an increase in supply, Jersey City’s multi-housing market has thrived due to the migration of office tenants from Manhattan, driving up demand for housing options. Notably, nearly half of its households earning over $100,000 annually and a significant portion of the population are young professionals between the ages of 25 and 44.
Located less than a five-minute walk from the Journal Square PATH Station, 35 Cottage Street will offer residents access to New York City’s Penn Station, The World Trade Center, and Newark’s Penn Station within 30 minutes.
“Namdar was an early mover in the JSQ marketplace and has built an institutional quality portfolio of highly efficient multi-housing units to meet the continued market demand,” said JLL Capital Markets managing director Thomas E. Didio, Jr. “JLL is excited to partner the CCFG and Namdar teams to bring to life the next building in their portfolio.”
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Is Jersey City allergic to non-PTAC HVAC options?
Clean energy! It must happen and the sanitation system is organized to rotate: Thanks.