Benefit Street Partners Lends $210M on New Jersey Condos Project
By Andrew Coen July 12, 2024 1:34 pm
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WHK Development, a joint venture among Chinese investment partners, has nabbed $210 million of construction financing to build a condominium development in New Jersey overlooking the Hudson River.
Benefit Street Partners supplied the loan on the sponsorship’s planned 1800 Avenue at Port Imperial waterfront project in Weehawken, N.J., sources told Commercial Observer. Commercial Mortgage Alert first reported the deal, but had the incorrect loan amount and lending syndicate.
Colliers (CIGI) arranged the transaction with a New York capital markets group team led by Peter Nicoletti, Dylan Kane and Zach Redding, according to sources. Colliers declined to comment.
Located on a 3.6-acre site near Days Point just north of the Lincoln Tunnel, 1800 Avenue at Port Imperial will consist of 282 condos and 352 parking spaces. Property amenities will include a fitness center, indoor and outdoor pools, a basketball court, a golf simulator, a film room, a spa, a pet center, coworking space and a children’s playroom.
The Handel Architects-designed development is slated for completion in spring 2026. Christie’s International is leading residential sales for the project.
Hongkun USA previously planned to build condo development at the property before running into legal troubles that resulted in lender Parkview Financial initiating a UCC foreclosure sale in 2022, The Real Deal reported at the time. W&L Group and Windfall Group, two China-based partners of WHK Development, acquired the property from Hongkun for an undisclosed amount, according to the New Jersey real estate website, Jersey Digs.
Officials at Benefit Street Partners, W&L Group and Windfall Group did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
