Bravo Property Trust Lends $169M on Jersey City Apartments Project
By Andrew Coen June 26, 2024 11:40 am
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Bravo Property Trust, an affiliate of Bravo Capital, has closed a $169.3 million construction loan for a multifamily project in Jersey City, N.J., Commercial Observer can first report.
The loan will fund the 477-unit West Side Square development in Jersey City’s Journal Square neighborhood, according to Meridian Capital Group, which arranged the transaction.
The transaction closed June 21.
“We are thrilled to support this major multi-family development with our construction loan,” Gabi Moshayev, co-founder and chairman of Bravo Property Trust, said in a statement.
The sponsorship behind the 413,735-square-foot project was not provided by Meridian, but sources told CO it is a joint venture between Lantree Developments and Altree Developments.
Meridian negotiated the financing with a team led by Morris Betesh, David Hayum and Morris Dabbah.
“Liquidity for large construction loans has thinned out over the past 12 to 18 months, but we successfully scoured the market to source a full-stack construction financing solution from a burgeoning debt fund,” Betesh said in a statement.
Located at 66 Broadway, about half a mile from the Journal Square PATH Station, West Side Square is slated for completion in 2026 and will feature two six-story residential towers atop a six-story mixed-use podium, spanning a total of 413,735 square feet. The 2.38-acre property will also include 9,814 square feet of retail space and 298 parking spots. Its amenities will consist of a swimming pool, grilling stations, a dog run, a fitness center, a yoga room, coworking spaces and a community room for private events.
Gabi Moshayev, co-founder and chairman of Bravo Property Trust, said in a statement that the transaction “exemplifies our company’s focus on directly financing in ways that are tailored to the unique needs of the real estate market.”
Officials at Lantree and Altree did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
