MRC Provides $168M Construction Loan for Jersey City Multifamily Project
Commercial Observer reports that debt investment firm Madison Realty Capital has extended a $168 million loan to Manhattan Building Company to fund the first phase of a Jersey City development which will eventually house 1,000 units along the Hudson River. The development, dubbed Emerson Lofts, is broken up into phases, with the first phase taking the form of a 26-story tower featuring 350 New Jersey apartments as well as pre-development at the former Emerson Radio Factory, a former industrial space that will be converted into lofts. "If you look at investment sales, there are a lot of people looking at New Jersey" says Josh Zegen, MRC's Managing Principal and Co-Founder. The site is located just north of the entrance to the Holland Tunnel and aimed at commuters and New Jerseyans alike.