A mezzanine loan on Hudson Exchange, a Class A mixed-use development in Jersey City, has successfully been repaid. Civitas Capital Group on Friday announced it closed its financing to Brookfield Corporation (formerly Forest City Realty), for the property which started construction in 2015 and opened to tenants in 2017.
The Hudson Exchange development has proven itself a cornerstone of area growth. After completion of the Hudson Exchange 421-unit multifamily tower, a nearly identical (432-unit) connecting tower was built. Work has begun on a plot directly west of Hudson Exchange dubbed “Hudson Exchange 2,” which will include another 802 multifamily units.
“It’s always gratifying to see one of our projects complete the full cycle from groundbreaking through construction to stabilization and repayment” Jeff Kiser, director and head of EB-5 Investor Relations at Civitas said. “Civitas started as an EB-5 focused firm, and this year we are celebrating 15 years and more than 1500 families served. Celebrating the completion of this transaction is a wonderful way to ring in the new year.”
