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Madison Realty Capital Upsizes Commitment to Jersey City MXU
Madison Realty Capital (MRC) has upsized its initial loan to a total commitment of $395 million to Manhattan Building Company for its Emerson Lofts, a 1,089-unit multiple phased mixed-use development spanning four buildings in Jersey City.
MRC initially originated a $168-million loan for development of Hudson House, the project’s first phase, in 2019 and upsized the loan to $228 million earlier this year for the next phase. The amended loan will fund the conversion of an existing warehouse building into a 140-unit multifamily property and begin development of a 338-unit multifamily high-rise.
“We are pleased to amend our initial loan to continue to serve as a single source of financing for a complex project with multiple phases of development,” said MRC principal Josh Zegen. “The rapid lease up of Hudson House in phase one demonstrates that Jersey City is experiencing strong demand for modern residential options along the waterfront.”
Rendering courtesy of Urban Architecture, LLC.
- ◦Development
- ◦Financing
