Integritas Capital & Kriss Capital provide $220 Million in construction financing

For Imperial Tower, a 56-story mixed-use dev. in Jersey City, NJ

JERSEY CITY, NJ — Integritas Capital and Kriss Capital announced they have provided $220 million in construction financing for Imperial Tower, a 56-story, 827,867s/f mixed-use development located at 2966 John F. Kennedy Blvd. in Jersey City’s Journal Square neighborhood. The financing supports one of the largest ground-up developments currently being advanced in the submarket and underscores the firm’s continued commitment to backing independent sponsors developing institutional-quality projects in high-growth, transit-oriented markets.

“Imperial Tower represents a thoughtfully planned mixed-use development in a premier transit-oriented location that addresses a growing demand for housing and hospitality in one of the region’s most dynamic neighborhoods,” said Stephen Palmese, managing principal at Integritas Capital. “Our background as developers, combined with the construction expertise embedded throughout our vertically integrated platform, enables us to assess complex projects through a lens that many traditional lenders cannot.”

“Journal Square continues to experience strong population growth and investment activity, and we are pleased to provide financing for a project that will expand housing supply, introduce new hospitality accommodations and contribute to the neighborhood’s continued evolution,” said Jody Kriss, founder of Kriss Capital.

Upon completion, Imperial Tower will deliver 542 residential units, a mix of studio, one-, two- and three-bedroom residences, as well as penthouse units, a 154-key Marriott-flagged hotel and 34,105 s/f of ground-floor retail space. A total of 57 of the building’s residential units will be designated as affordable.

Originally envisioned as a smaller-scale development, Imperial Tower evolved into a 56-story mixed-use project following a multi-year planning and approvals process. The project is being developed by Kuldeep “Sunny” Kumar and Mohan Myneni, with Noble Construction serving as general contractor and MVMK Architecture serving as architect of record.