The real estate investment trust BXP (NYSE: BXP) has entered into a joint venture with CrossHarbor Capital and Albanese Organization to develop 290 Coles Street, a full-block, 1.75-acre site in Jersey City, New Jersey, that will be developed into a 670-unit market-rate residential project.
The new development will be located along the Jersey City waterfront and encompass an 8-story podium and two towers at 14- and 22-stories, with more than 350 parking spaces and 13,000 square feet of ground-level retail.
The companies will execute the approximately $400 million development, with BXP owning a 19% common equity interest in the venture, Albanese owning a 14% common equity interest, and CrossHarbor Capital owning the remaining 67% common equity interest. BXP will also provide $65 million in preferred equity as additional project funding.
BNY, as administrative agent and arranger, led the financing of a $225 million senior secured construction loan in a three-bank deal that includes US Bank National Association and Banco Bilbao Vizcaya Argentaria as co-syndication agents.
“We’re excited to partner with Albanese Organization and CrossHarbor Capital to expand our residential portfolio to include 290 Coles,” said Hilary Spann, executive vice president of New York region at BXP. “The project will add highly desirable housing with standout amenities in a vibrant neighborhood. Located minutes from Manhattan, 290 Coles underscores our commitment to intelligent design, great location, and the seamless integration of living and working.”
Photo courtesy GridCRE
