April 2024

F inancial D igest

M id A tlantic Real Estate Journal — April 2024 — 13A


EST NEW YORK, NJ — JLL has ar- ranged the $150 mil- New Jersey multi-housing project on Hudson River waterfront secures $150M in financing JLL’s Mikula, Cadranell, Klein and Carroll arranges the financing for RB3 W

lion construction financing for RB3, a to-be-built, 426-unit, 11-story luxury apartment building located on the Hud- son River Gold Coast in West New York. The property, which will be the only rental building directly on the waterfront, is part of the 200-acre, master- planned community known as Port Imperial and will offer residents spectacular, unen- cumbered views of the midtown Manhattan skyline. JLL worked on behalf of the borrower, Canoe Brook De- velopment , to secure the five- year, fixed-rate loan through The Northwestern Mutual Life Insurance Company. With an anticipated comple- tion of Q4 of 2026, RB3 will feature studio, one- and two- bedroom units with modern kitchens, quartz countertops, stainless-steel appliances, wood-style flooring, tall ceiling heights, large balconies, wide windows and in-unit washers and dryers. The property will boast a best-in-class amenity package, which will include a state-of-the-art fitness center with five separate special- ized rooms, a residential club

Jon Mikula

Jim Cadranell

Steven Klein

Ryan Carroll

room, private work offices and coworking spaces, a sundry shop, a dog salon, a virtual reality room, a golf simulator, a kids’ playroom, a sky lounge, a resort-style pool, and more. Situated at 30 Avenue at Port Imperial, RB3 is strategically located less than a three-block walk to the NY Waterway ferry, and a 0.4 mile walk to the Hudson-Bergen Light Rail Station, offering residents direct access to midtown and downtown Manhattan and the surrounding area. It will be im- mediately north of the Lincoln Tunnel entrance, three miles from downtown Hoboken and seven miles from the George


Washington Bridge. In addition to RB3’S impressive regional accessibility, the property of- fers residents walkability and will sit on an eighteen-mile waterfront walkway, spanning from Fort Lee to Jersey City, with substantial retail and entertainment centers located along River Rd. Additionally, Port Imperial

currently consists of over 7,500 rental and for-sale apartments and townhomes, 150,000 s/f of retail, two Marriott hotels, two public garages and over 20 acres of public space, including parks, sports fields, outdoor retail plazas and a riverfront walkway that extends two- miles long. Upon completion, Port Imperial will represent

one of the largest and most valuable single-planned devel- opments in the history of the state of New Jersey. The JLL Capital Markets Debt Advisory team was led by senior managing di- rectors Jon Mikula, Jim Cadranell and Steven Klein and Associate Ryan Carroll . MAREJ

Freddie Mac recognizes FCP as 2024 multifamily impact sponsor

savings projects and seeks opportunities to build resil- iency while supporting the livelihoods of its residents and tenants. FCP is a privately held real estate investment com- pany that has invested in or financed more than $12.9 bil - lion in assets since its found- ing in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and struc- tured investments in income- producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretion- ary funds and separate ac- counts targeted at major real estate markets in the United States. MAREJ

CHEVY CHASE, MD — FCP announced its recog- nition by Freddie Mac as a 2024 Multifamily Impact Sponsor. The Impact Spon- sor cohort comprises spon- sors who have shown sig- nificant results in providing affordable housing options, offering resident-centered services, and/or implement- ing sustainability practices at their properties. “FCP values its partner- ship with Freddie Mac and is honored to be recognized by them as a 2024 Multifamily Impact Sponsor, the highest level of recognition for Fred- die Mac borrowers,” said FCP senior vice president, Elizabeth Cotter . “This honor acknowledges FCP’s longtime commitment to the

Holly Spring Meadows in Maryland, owned by FCP and financed by Freddie Mac.

preservation of affordable housing as well as programs for resident services and we are very grateful to our team

and property management partners for their dedication in earning this recognition. We congratulate our fellow

cohorts of the 2024 program.” FCP focuses on value-cre- ating initiatives through resident services and utility

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