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Thursday, 07 November 2019

Madison Realty Lends $168Mln for Development of Jersey City, N.J., Apartments

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Madison Realty Capital has provided a $168 million loan to fund the completion of the first phase of the proposed Emerson Lofts mixed-use complex in Jersey City, N.J., and fund pre-development work on three additional phases.

The project could have up to 1,100 apartment units, retail space, a 24,000-square-foot community center, a public park and parking. It's being developed on the site of the former Emerson Radio factory, which was built in the 1920s and where Emerson radios were assembled. More recently, it's been used as storage.

The property is being developed by Manhattan Building Co., which has developed other properties in Jersey City. Those include

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New Jersey, New York
  • Sector: Multifamily
  • Subject: Development/Construction (DEV), Mortgages/Financing (MOR)
  • Valuation: More than $150 million
  • Private: Yes
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Dan Moynihan

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