High-rise commercial buildings

Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

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

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

 

Read More News Stories About: Greystone
Connect

Inside The Story

Lightstone's Rozovsky

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).

  • ◦Development
  • ◦Financing