JLL Capital Markets on Tuesday said it worked on behalf of developer, Halpern Real Estate Ventures, to secure $65 million in construction financing for the development of 49 Fisk St., a 337-unit, luxury midrise multihousing project in Jersey City.
The four-year, floating-rate, non-recourse loan through Bank OZK will be used to redevelop a former industrial building into a six-story apartment building featuring 337 market-rate apartments and 143 parking spaces located on a 1.84-acre site in Jersey City’s West Side neighborhood. The completed project will include a mix of studio, one- and two-bedroom units averaging 612 square feet.
49 Fisk will be a strategically designed, amenity-focused development that addresses new consumer preferences in a post-COVID world with more than 48,000 square feet of lifestyle and amenity space. The building design will emphasize innovation and sustainability, with key focuses on resident health and wellness and the potential for extended hybrid work models.
Apartments will feature modern finishes, including stainless steel appliances, nine-foot ceilings, quartz countertops and wood-style flooring, along with having stackable washers and dryers. Community amenities will include coworking spaces, a 14,000-square-foot green park, an 18,500-square-foot rooftop deck with grilling stations, a speakeasy-style bar, a community garden, game room, oversized fitness center and a shuttle service to the Journal Square PATH Station.
49 Fisk St. is a five-minute walk to the West Side Avenue Light Rail on the Hudson-Bergen Line, which provides access to both Wall Street and Penn Station within 30 to 40 minutes via connections to the PATH. The project’s shuttle service to the Journal Square PATH Station will provide residents with additional options for commuting directly into the Lower Manhattan World Trade Center Station within 30 minutes. Additionally, the property is 15 minutes from Newark Liberty International Airport, the New York Waterway Ferry and the New Jersey Transit Hoboken Terminal station, providing additional transportation to nearby employment, retail and entertainment hubs.
49 Fisk St. is expected to open its doors by late 2023.
The JLL Capital Markets Debt Advisory team representing the developer was led by Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti, Directors Thomas Didio Jr. and Max Custer and associate Carlos Silva.
“Jersey City has been the beneficiary of tremendous post-COVID rental demand for multihousing. Bank OZK was quick to recognize this demand resurgence and bid the non-recourse financing aggressively for the borrower,” Didio said. “This transaction marks our 20th in Hudson County since the onset of COVID, equating to more than $615 million in total deal volume.”
“We are thrilled to have aided Halpern Real Estate Ventures in arranging construction financing for 49 Fisk Street,” Custer said. “HREV designed a carefully thought-out project with best-in-class features and amenities, which will undoubtedly lead to tremendous success.”