NEW YORK, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has upsized its initial loan to a total commitment of $395 million to Manhattan Building Company for a 1,089-unit multiple phased mixed-use development spanning four buildings in Jersey City, New Jersey. Madison Realty Capital initially originated a $168 million loan for development of the first phase of the Emerson Lofts project in 2019 and upsized the loan to $228 million earlier this year for the next phase of the development. The amended loan will be used to complete the conversion of an existing warehouse building into a 140-unit multifamily property and begin development of the next phase, a 338-unit multifamily high-rise.
“We are pleased to amend our initial loan to continue to serve as a single source of financing for a complex project with multiple phases of development,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “The rapid lease up of Hudson House in phase one demonstrates that Jersey City is experiencing strong demand for modern residential options along the waterfront, which increasingly attracts financial institutions, advertising, technology, media, and new businesses that are enriching the area’s population. Delivering the next phase of flexible financing for a repeat borrower with extensive experience developing institutional quality real estate in New Jersey represents our unique ability to work closely with our borrowers and finance projects through every stage of acquisition, development, and leasing.”
The Emerson Lofts development site will consist of three new high-rise residential buildings and one converted warehouse to deliver a total of 1,089 residential units in Jersey City. The first phase of the project, Hudson House, is 95% leased to date and consists of 351 studio to three-bedroom units as well as 10,000 square feet of retail, and 308 parking spaces. The 26-story residence offers resort-style amenities, including a heated outdoor pool, cabanas, outdoor movie theater, fitness center, yoga room and concierge services.
Phase two of the project is currently under construction and will deliver a second 26-story, 338-unit residential high-rise with 119 parking spaces. The third phase, which is nearing completion, will convert an existing warehouse building into a 140-unit multifamily property with 96 parking spaces and 36,500 square feet of retail space. The final phase of construction includes plans for a third high-rise residential property currently in predevelopment. Emerson Lofts is conveniently located near the Newport PATH train station and the entrance to the Holland Tunnel connecting New Jersey and Manhattan.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of September 30, 2022, manages approximately $9.5 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $22 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been named to Commercial Observer’s prestigious “Power 100” list of New York City real estate players every year since 2016. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
Media inquiries, contact:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
madisonrealty@gasthalter.com
