Northwestern Mutual Life Lends $150M To Construct NJ Palisades Apartment Complex
The RB3 luxury tower is the latest addition to the 20-acre Port Imperial master-planned community
By Brian Pascus January 19, 2024 2:04 pm
reprints
Canoe Brook Development has secured $150 million in construction financing to build RB3, a 426-unit luxury apartment tower in West New York, N.J., a town along the Hudson River in the New Jersey Palisades.
The RB3 apartment complex is part of the greater Port Imperial project, a two-mile, 200-acre, master-planned community under development in West New York.
Northwestern Mutual Life Insurance Company provided the five-year, fixed-rate loan, while a JLL Capital Markets team of Jon Mikula, Jim Candranell, Steven Klien, and Ryan Caroll arranged the financing.
“JLL was pleased to represent Canoe Brook in obtaining construction financing for this exceptional project on the New Jersey waterfront,” said Candranell in a statement. “Northwestern Mutual beat out a strong field of contenders with an attractive fixed-rate option.”
Located at 30 Avenue within the Port Imperial neighborhood, the 11-story RB3 will consist of studio, one-bedroom, and two-bedroom apartments, all which will include luxury finishes and floor-to-ceiling windows. Amenities included within the building run the gamut from a five-room fitness center and a virtual reality room to a dog salon, child’s playroom, indoor pool, and pickle ball court. Coworking spaces, private work offices, and grilling areas will also be featured within the building upon completion.
Sitting alongside the Hudson River in the Palisades Valley area, RB3 is a short ferry ride from Manhattan, and will carry unencumbered views of the New York City skyline for its future residents. The site is only three-blocks from the NY Waterway Ferry, and is three months from the Lincoln Tunnel entrance and seven miles from the George Washington Bridge, providing easy access into Manhattan for commuters.
The project is part of the larger Port Imperial development, which first began in 1997 with the goal of turning former industrial land along the Hudson River that had fallen out of use into a master-planned community of apartments, hotels, retail and office space all interconnected to ferry, rail, and bus service into Manhattan.
Today Port Imperial contains 7,500 apartment units and townhomes, 150,000 square-feet of retail, two Marriott hotels, two parking garages, and public space devoted to parks, sports facilities, and a riverfront walkway. Canoe Brook Development, along with Roseland, Farallon, and PGIM have been integral to the development of Port Imperial over the last 26 years.
Construction on RB3 is scheduled to be completed in the fourth quarter of 2026.
Brian Pascus can be reached at bpascus@commercialobserver.com
