Commercial real estate developer NRIA announced on Monday it has closed on a $44 million loan to begin constructing Hoboken Heights, a new gated residential development at 1300 Mahattan Ave. in Union City.
Located on the cliffs of the Palisades between Hoboken and Union City, the four-building project will feature 55 three- to four-bedroom units, including nine penthouses with private elevators, as well as 130 parking spots. Units will range in size from 2,340 to 4,730 square feet.
“Hoboken Heights will sit on one of the last remaining development sites overlooking Hoboken with sweeping views of the Manhattan skyline,” Coley O’Brien, principal for NRIA, said. “The completed units will have more living space and incentives than anything in the area. That combined with an anticipated uptick in demand related to notable employers expanding their presence in New York City, namely Facebook’s recent lease of 1.5 million square feet in Hudson Yards, will drive interest in this project.”
Amenities include indoor and outdoor entertainment areas with decks and grilling stations; an indoor pool; a private gym; a Peloton studio; a golf simulation area; a private meeting room; and a lounge with a screening room and bar.
“NRIA remains bullish on the Gold Coast,” Richard Stabile, senior vice president of N.J. development for NRIA, said. “We have several residential projects in development with a growing pipeline of rental and for purchase properties. Hoboken Heights will be the Crown Jewel of the area with four towers and panoramic views of New York City and the Hudson River. This private, gated-enclave, just minutes away from the Lincoln Tunnel and PATH, will be like nothing the market has seen.”
The loan was provided by financing partner S3 Capital Partners L.P.
“This is our third loan with NRIA and our second residential project in New Jersey,” Joshua Crane, co-founder and principal of S3 Capital, said. “S3 Capital’s lending expertise and deep experience with construction loans allowed the team to move quickly to underwrite this transaction.”