Dealmaker: Greystone Arranges $77M in Jersey City, N.J.
Greystone, New York, arranged $77 million for multifamily properties in Jersey City, N.J.
A Greystone team led by Drew Fletcher, Matthew Hirsch and Bryan Grover secured a $47 million lease-up bridge loan on behalf of Namdar Group, New York, for 28 Cottage.
Cerberus Real Estate, New York, originated the financing for the new 166-unit Class A property located at 28 Cottage Street in the city’s Journal Square neighborhood. The property commenced pre-leasing in the fall and received its first temporary certificate of occupancy in December.
The property is adjacent to the planned Homestead Place Extension, which will be a 20-foot outdoor pedestrian-only plaza with a mix of retail and public open areas. In June 2020, the Board of Commissioners of the Jersey City Redevelopment Agency designated Namdar as the redeveloper of multiple tracts along the upcoming Homestead Place extension in the Journal Square neighborhood.
“The 28 Cottage transaction is another example of the tremendously favorable capital markets environment for high-quality multifamily assets in strong markets such as Jersey City,” Fletcher said. “The Cerberus execution closed at Temporary Certificate of Occupancy and allowed Namdar to repatriate substantial equity and lower its borrowing costs while providing additional time to lease-up and season the asset prior to conversion to permanent financing.
Fletcher, Hirsch and Grover also arranged a $30 million construction loan for The Manhattan Building Co. to finance a six-story, 150,000-square-foot development with 80 market-rate apartments and 3,200 square feet of ground-floor commercial space located at 40 Center Street in Jersey City.
White Oak Real Estate Capital, New York, originated the loan.
Located in the Bates Street Redevelopment Area, 40 Center is designed to appeal to young professional renters by providing a more affordable, high-quality product designed with larger than average unit sizes in response to tenants’ demand for more space in the current market.
