Manhattan Building Company recently secured an additional $228 million to complete its Emerson Lofts project in New Jersey. Previously, the developer originated a $168 million loan from the
Madison Realty Capital for the first phase back in 2019. Ultimately, the developer expects to use this $395 million loan to build a 1,089-unit multi-phased mixed-use development.
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Madison’s Co-Founder, Josh Zegen admitted that the initial phase of the Emerson Lofts project experienced a rapid lease-up period. According to Zegen, this demonstrates that Jersey City is experiencing a high demand for modern residential options along the waterfront.
Therefore, he said it was worthwhile providing flexible financing for a repeat borrower with extensive experience developing quality real estate.
Development plans for the Emerson Lofts Project
Overall the Emerson Lofts project was planned to span 4 buildings. The initial phase of the project is the 26-story Hudson House residence which consists of varying housing options. Hudson House offers 351 studios, three-bedroom units, a 10,000-square-foot retail space, as well as 308 parking spaces.
Additionally, it provides amenities such as a heated outdoor pool, cabanas, an outdoor movie theater, a fitness center, a yoga room, and concierge services. However, this property has already been 95% leased to date.
As for Phase II, the developer is working on building a 26-story, 338-unit residential high-rise with 119 parking spaces. Meanwhile, Manhattan Building is almost through with the third phase of the Emerson Lofts project.
This phase involves converting an existing warehouse building into a 140-unit multifamily property. The former warehouse site will feature 96 parking spaces and a 36,500-square-foot retail space once the building is complete.
Plans for the last phase of Emerson Lofts will involve building a third high-rise residential property that’s currently in pre-development. The development site for the four-building project is situated at 315-326 15th Street, near the Newport PATH train station. It’s also ideally positioned at the entrance to the Holland Tunnel connecting New Jersey and Manhattan.