Eliot Spitzer’s Latest Resi Tower Set to Rise With $96M Starwood Construction Loan
Starwood Property Trust provided the debt for the 26-story asset.
By Cathy Cunningham October 19, 2021 1:00 pm
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Eliot Spitzer’s new apartment tower at 425 Summit Avenue in Jersey City, N.J., is off to the races after locking down construction financing, Commercial Observer can first report.
Starwood Property Trust provided the $96 million loan, while Meridian Capital Group arranged the debt on behalf of Spitzer Enterprises, sources said.
Starwood officials and Meridian officials declined to comment.
In January, New York Yimby reported that Spitzer’s plans for a 26-story tower in the Journal Square neighborhood had been approved by the Jersey City Planning Board. The development will occupy a T-shaped land parcel at 415-435 Summit Avenue and is Spitzer’s first project in Jersey City.
Sources familiar with the project said the building will comprise 386 rental units, 4,432 square feet of ground-floor retail space and 51 parking spaces.
Newmark’s Dustin Stolly, Jordan Roeschlaub and Nick Scribani raised 50 percent of the equity for the project through Arden Group‘s opportunity zone fund, sources said.
Spitzer Enterprises was in the news roughly a year ago when it sealed a $388 million refinance for another rental property at 420 Kent Avenue in Williamsburg, Brooklyn. Starwood Property Trust was also the construction lender for that asset, lending $330 million in 2016, and both the construction financing and the subsequent refinances were arranged by Meridian.
A spokesperson for Spitzer Enterprises did not return a request for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
