Madison Realty Capital Provides $97M Construction Loan to Build Hoboken Condos


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.

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“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 & AssociatesChaz 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. 

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