Greystone announced it has arranged a $30 million construction loan for affiliate entities of The Manhattan Building Company (“MBC”). The construction loan was originated by White Oak Real Estate Capital, an affiliate of White Oak Global Advisors (“WOGA” or “White Oak”), to finance the construction of a 6-story, ~150,000 GSF mixed-use residential development comprised of 80 market rate rental apartment units, 80 parking spaces, and approximately 3,200 SF of ground-floor commercial space located at 40 Center Street in Jersey City, NJ. Greystone’s Drew Fletcher, Matthew Hirsch, and Bryan Grover served as the exclusive advisors in arranging the financing for the development.
MBC has been one of Jersey City’s most active and transformative developers over the last few decades. The project is located less than two miles from MBC’s prior Class A residential developments, Soho Lofts and Cast Iron Lofts, and their upcoming, 4-tower, +1 million SF multiphase development Hudson House. 40 Center is situated in the Bates Street Redevelopment Area, for which MBC has been named master redeveloper by the Jersey City Redevelopment Agency. MBC is committed to Jersey City and is one of the city’s premier developers with an understanding of the market dynamics that are driving continued growth in demand for high-quality multifamily housing. 40 Center will be the first out of multiple phases in the area.
40 Center is designed to appeal to young professional renters by providing a more affordable, high-quality product designed with larger than average unit sizes in response to tenants’ demand for more space in the current market. MBC will deliver a comprehensive amenity package including a fitness center with sauna, full parking garage, and a rooftop lounge with seating areas, grills, fire pits, and sweeping views of Jersey City and Manhattan.
“MBC is a leading owner, developer, and builder of apartments in Jersey City. We are pleased to have started our relationship with them on this transaction and are happy to have brought together MBC and White Oak on an excellent execution,” said Mr. Fletcher, President, Greystone Capital Advisors.
“Greystone Capital Advisors did a fantastic job advising us through this process, and we are very fortunate to have launched a relationship with White Oak,” said John Palumbo, Vice President of Real Estate Development at MBC.
“We are excited to support MBC on this high-quality project in the growing Jersey City multifamily market. Greystone was instrumental in driving the transaction closing and we are thankful for the rigor and thoughtfulness they demonstrated throughout the process,” said Eric Tanjeloff, Managing Principal of White Oak Real Estate Capital.