News November 14, 2022
Madison Realty Capital Upsizes Jersey City Multifamily Loan by $167M to Total $395M Commitment
Commercial Observer reported that Madison Realty Capital has provided an additional $167 million in construction financing to Manhattan Building Company, the developers of a four-building multifamily development in Jersey City, N.J., three years after supplying a $168 million debt package for the project’s first phase. This marks the second upsize by Madison for the multiphase development and brings its total financing for the project up to $395 million. The Emerson Lofts development site will consist of 1,089-units across three 26-story high-rise residential buildings and one converted warehouse.