MBC Lands $30M Construction Loan for NJ Multifamily Development
Affiliate entities of The Manhattan Building Company (MBC) have secured a $30 million construction loan to build a six-story, 150,000-square-foot mixed-use residential development, Commercial Observer can first report.
White Oak Real Estate Capital, an affiliate of White Oak Global Advisors, provided the construction loan for the developers’ 40 Center project located at 40 Center Street in Jersey City, N.J. The project comprises 80 market-rate rental apartments, 80 parking spaces and approximately 3,200 square feet of ground-floor commercial space.
“We are excited to support MBC on this high-quality project in the growing Jersey City multifamily market,” said Eric Tanjeloff, managing principal of White Oak Real Estate Capital.
Greystone’s Drew Fletcher, Matthew Hirsch and Bryan Grover served as the exclusive advisers in arranging the financing.
Fletcher said his team was “happy to have brought together MBC and White Oak on an excellent execution.”
The 40 Center project is located in the historic downtown area in Jersey City, overlooking Manhattan. The MBC affiliates plan to deliver an amenity package that includes a fitness center with a sauna, full parking garage, rooftop lounge with seating areas, grills and fire pits. The project is designed to appeal to young professional renters in response to increased demand for more space in the current rental market.
“We are very fortunate to have launched a relationship with White Oak,” said John Palumbo, vice president of real estate development at MBC.
Emily Fu can be reached at EFu@commercialobserver.com.
