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Lightstone Provides Bridge Loan for Jersey City Residential
Lightstone Capital, Lightstone’s real estate debt platform, has provided a $34-million bridge loan to a Manhattan Building Company (MBC) affiliate. The loan will be used to complete construction of a 150,000-square-foot residential development located at 40 Center St. in Jersey City.
Greystone’s Drew Fletcher, Ryan Cohen and Bryan Grover arranged the bridge loan on behalf of MBC. “This is a unique product offering in a great market, and we are excited to work with this team to get this project to the finish line,” said Eugene Rozovsky, senior managing director of Lightstone Capital. “MBC has a stellar track record and is tuned-in to the Jersey City area. We are confident that 40 Center will be a great addition to the rental market.”
Upon completion, 40 Center will bring to market 80 market-rate rental apartment units and approximately 3,200 square feet of ground-floor retail space. The construction of 40 Center is phase one of the larger Bates Street Redevelopment, for which MBC has been designated master developer
- ◦Development
- ◦Financing