CBRE announced Monday it has secured a $300 million construction loan to finance The Charlotte, a new multifamily development in Jersey City.
Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office secured and placed the loan on behalf of Mack-Cali/Roseland Residential Trust.
“The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” Sherman said. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.”
The property, located at 25 Christopher Columbus Drive, will be comprised of 57 stories, 750 units and 37 affordable housing units.
Mack-Cali/Roseland Residential will also be constructing a 36,000-square-foot elementary school in a corner of the parcel to be deeded over to the city once complete.