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BXP Enters JV to Develop Market-Rate Jersey City Apartments
BXP has formed a joint venture to develop 290 Coles St., a full-block, 1.75-acre site between Coles Street, Jersey Avenue, and 16th and 17th Streets in Jersey City. The approximately $400-million project will be developed in partnership with CrossHarbor Capital and Albanese Organization.
Located along the downtown Jersey City waterfront in the SoHo West neighborhood, the 670-unit, market-rate development will include an eight-story podium and two towers at 14 and 22 stories, more than 350 parking spaces and 13,000 square feet of ground-level retail.
BNY, as administrative agent and arranger, led the financing of a $225-million senior secured construction loan in a three-bank deal with U.S. Bank National Association and Banco Bilbao Vizcaya Argentaria as co-syndication agents. BXP will also provide $65M in preferred equity as additional project funding.
BXP owns a 19% common equity interest in the venture, Albanese owns 14% and CrossHarbor Capital owns the remaining 67%.
- ◦Development
