Lightstone Capital Lends $34M Bridge Loan for Jersey City Apartment Tower
Manhattan Building Company’s construction of 40 Center Street will only add to its collection of neighborhood rental buildings
By Brian Pascus July 16, 2024 11:35 am
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Manhattan Building Company has secured $34 million in bridge loan financing to complete the last phase of construction for 40 Center Street, an 80-unit multifamily development in downtown Jersey City, N.J.
Lightstone Capital — the real estate debt platform of Lightstone — provided the bridge financing. Greystone’s Drew Fletcher, Ryan Cohen and Bryan Grover arranged the loan.
Manhattan Building had originally secured $30 million from White Oak Real Estate Capital two years ago to build 40 Center Street, according to Real Estate NJ.
Eugene Rozovsky, senior managing director of Lightstone, described the six-story, 150,000-square-foot apartment complex as “a unique product offering in a great market,” and noted that the project is only one phase of the larger Bates Street Redevelopment, a nine-acre plot of land currently being turned around by Manhattan Building.
“Manhattan Building Company has a stellar track record and is tuned in to the Jersey City area,” Rozovsky said in a statement. “We are confident that 40 Center will be a great addition to the rental market.”
40 Center Street is located near the Van Vorst Park Historic District of Jersey City and is adjacent to the Interstate-78 corridor. Other nearby sites include the city’s waterfront and the downtown business district. Aside from 3,200 square feet of ground floor retail, the building will add 80 multifamily apartments at market-rate rents to Jersey City and feature 80 spaces of on-site parking for residents.
Construction began in 2022 and is expected to finish before the end of 2024. Overall, the vision for the Bates Street Redevelopment has been more than 15 years in the making, as Jersey City first approved plans back in 2006.
The eventual completion of 40 Center Street will augment Manhattan Building’s collection of residential projects in downtown Jersey City. The 21-story, 377-unit Soho Lofts opened in 2017, while the 20-story, 387-unit Cast Iron Lofts opened in 2013.
The firm is currently building Hudson House, an adaptive reuse project of derelict factories that will eventually transform into 1,000 units of housing across three 26-story buildings.
“We greatly appreciate the support and expertise of both Lightstone Capital and Greystone in facilitating the completion of this project,” said Josh Biegel, director of sales and marketing at Manhattan Building, in a statement. “We are excited to provide another top-tier residential experience in Jersey City and look forward to continuing our work with the local community to revitalize the surrounding neighborhood.”
Brian Pascus can be reached at bpascus@commercialobserver.com.
