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New York & Tri-State  + New Jersey  + Finance  | 

$300M Loan Finances Build of Jersey City Apartments

CBRE Capital Markets’ debt & structured finance team secured a $300-million construction loan to finance The Charlotte, a 57-story, 750-unit Class A multifamily development at 25 Christopher Columbus Dr. in Jersey City. The firm’s Michael Sherman and Irene Lu placed and secured the loan on behalf of Mack-Cali/Roseland Residential Trust.

The non-recourse, Libor + 270 loan has a five-year term with a one-year extension.

“The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” said Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.”

Mack-Cali/Roseland Residential will construct a 36,000-square-foot elementary school in a corner of the parcel, to be deeded over to Jersey City upon completion. The project contains 37 affordable units.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
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