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Hoboken Waterfront Apartments Score $155M Construction Loan
JLL Capital Markets secured $155 million in construction financing for Charlie, a 386-unit multifamily development in Hoboken, NJ. A team led by senior managing directors Jon Mikula and Jim Cadranell and VP Michael Lachs represented LCOR, Inc. in arranging the five-year floating-rate loan from insurance accounts managed by KKR.
Charlie is a 27-story, luxury mixed-use residential tower scheduled for completion in 2026. It sits next to the NJ Transit Hoboken Terminal, providing access to multimodal transportation options such as NJ Transit buses, rail, light rail, NY Waterway ferry and PATH services,
The waterfront community will benefit from local and state incentives, including a 30-year PILOT from the City of Hoboken and $90 million of Aspire Tax Credits from the New Jersey Economic Development Authority.
“This project is nearly 20 years in the making, which further underscores the value of new development next to one of the busiest train stations in the country,” said Mikula.
Pictured: Rendering of LCOR’s Charlie at 201 Observer Hwy., Hoboken.
- ◦Development
- ◦Financing
