Madison Realty Capital Provides $97M Construction Loan to Build Hoboken Condos
By Andrew Coen April 17, 2024 12:21 pm
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The Taurasi Group has sealed $97 million of construction financing to build a condominium property in Hoboken, N.J., Commercial Observer can first report.
Madison Realty Capital provided the loan on the sponsorship’s redevelopment of a five-story industrial loft building at 38 Jackson Street into a 110-unit condo building with 47,000 square feet of ground-floor retail. The nine-story project is slated for completion in the third quarter of 2025.
“Conveniently located directly across the river from New York City, the south end of Hoboken has emerged as a charming and vibrant neighborhood with fast-growing demand for highly amenitized, luxury residential offerings,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “We are pleased to provide a flexible source of financing to support an experienced local borrower in the redevelopment of this property, which will help meet the strong demand for high-quality mixed-use residences in Hoboken.”
C. H. Kauffman & Associates‘ Chaz Kauffman arranged the transaction.
The property will feature condos ranging from one to five bedrooms. The building’s amenities will include a fitness center, a rooftop pool with sundeck, a lounge with grilling areas, and a tenant clubroom.
Gary Mezzatesta, managing partner at the Taurasi Group, said the ground-floor retail will include space for a grocery store and restaurants along with 50,000 square feet of above-ground flexible commercial space. Charter Realty is the leasing broker.
“We are entertaining interest from medical, entertainment, physical fitness, office and other prospective tenants,” Mezzatesta said.
Andrew Coen can be reached at acoen@commercialobserver.com.
