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New York & Tri-State  + New Jersey  + Finance  | 
Emerson Lofts in Jersey City will total more than 1,300 apartments when completed

Madison Realty Capital Upsizes Commitment to Jersey City MXU

Madison Realty Capital (MRC) has upsized its initial loan to a total commitment of $395 million to Manhattan Building Company for its Emerson Lofts, a 1,089-unit multiple phased mixed-use development spanning four buildings in Jersey City.  

MRC initially originated a $168-million loan for development of Hudson House, the project’s first phase, in 2019 and upsized the loan to $228 million earlier this year for the next phase. The amended loan will fund the conversion of an existing warehouse building into a 140-unit multifamily property and begin development of a 338-unit multifamily high-rise. 

“We are pleased to amend our initial loan to continue to serve as a single source of financing for a complex project with multiple phases of development,” said MRC principal Josh Zegen. “The rapid lease up of Hudson House in phase one demonstrates that Jersey City is experiencing strong demand for modern residential options along the waterfront.” 

Rendering courtesy of Urban Architecture, LLC.


Inside The Story

MRC's Zegen

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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 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).

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  • ◦Financing