JLL Capital Markets announced it has secured financing for Coles Street Apartments, a 465-unit luxury apartment community to be built in Jersey City.
JLL arranged senior financing through Kennedy Wilson and mezzanine financing through Red Cove Capital on behalf of the borrower, The Hekemian Group.
The property, located at 305 Coles St. in Jersey City’s Historic Downtown, will feature a mix of studio, one- and two-bedroom units with an average size of 875 square feet. Units will include hardwood-style walnut flooring, quartz and silestone countertops, stainless steel appliances, wood cabinetry, oversized windows and private balconies.
Plans for the project also include 8,142-square feet of ground-floor retail and an extensive amenities package. Residents will have access to a rooftop pool and lounge, golf simulator, club rooms, co-working lounges, a fitness center, concierge service and on-site garage parking. Several common areas will feature views of the Manhattan skyline.
The development is within walking distance of the Grove Street and Newport PATH stations, offering direct access to Manhattan. According to JLL, Jersey City’s multifamily vacancy rate sits at 3 percent, driven by migration from Midtown Manhattan and renters seeking more affordable, high-end options in the region.
“Jersey City’s multifamily market continues to demonstrate robust fundamentals, attracting both developers and investors with its strong demographics and proximity to Manhattan,” said Thomas E. Didio Jr., managing director at JLL. “The successful arrangement of this financing underscores confidence in the New Jersey waterfront and affirms the quality of this luxury development led by The Hekemian Group. 305 Coles is poised to meet the growing demand for high-end rentals in this thriving submarket.”
The JLL Capital Markets team representing the borrower included Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr., Director Gerard Quinn and Associate John Cumming.
