Madison Realty Capital Provides $97M Construction Loan to Build Hoboken Condos
Commercial Observer reported that Taurasi Group has secured $97 million of construction financing from Madison Realty Capital to build a condominium property in Hoboken, N.J. The five-story industrial loft building at 38 Jackson Street will be redeveloped into a 110-unit condo building with 47,000 square feet of ground-floor retail. The nine-story project is slated for completion in the third quarter of 2025.
Upon completion, the 110-unit luxury residential property will include a unit mix of one- to five-bedroom residences with unobstructed views of the Manhattan skyline. Each will be equipped with full stainless steel appliance packages, custom cabinetry, high ceilings, floor to ceiling windows, luxury wood plank flooring, high-end fixtures, in-unit washer/dryers, best-in-market finishes and large outdoor terraces. The property’s communal amenities will include a fitness center, a rooftop pool and sundeck, a lounge and grilling areas, a tenant clubroom, garage parking, and a centralized enclosed atrium.
