JLL Capital Markets facilitates loan for to-be-built high-rise community in Hudson County, NJ

MORRISTOWN,NJ –  JLL Capital Markets announced today that it has secured financing for Coles Street Apartments, a 465-unit, to-be built, high-rise luxury apartment community in Jersey City, New Jersey.

JLL worked on behalf of the borrower, The Hekemian Group, to arrange senior financing through Kennedy Wilson and mezzanine financing through Red Cove Capital.

Coles Street Apartments, located at 305 Coles St. in historic Downtown Jersey City, offers residents convenient access to New York City via the nearby Grove Street and Newport PATH stations. Situated within walking distance of these transportation hubs, the property provides easy commutes to Midtown Manhattan and Hudson Yards, while also being surrounded by excellent shopping, dining and entertainment options, as well as major employment centers.

Jersey City's multifamily market is boasting an impressive three percent submarket vacancy rate, driven by office tenant migration from Midtown Manhattan and NYC renters seeking more affordable options. The city boasts impressive demographics, with a dense, young and affluent population making it the most sought-after multifamily market in New Jersey. This demand has led to significant growth in Class A inventory and rental rates, particularly in the Historic Downtown Multifamily Submarket. With an average income of $196,344 within a one-mile radius of the community, Jersey City supports a robust demand for luxury amenity-rich multifamily rentals.

Cole Street Apartments is a to-be-built luxury residential complex featuring studios, one- and two-bedroom units with an average size of 875 square feet. Residents will enjoy high-end unit features such as hardwood-style walnut flooring, silestone and quartz countertops, sleek wood cabinetry, stainless steel kitchen appliances, oversized windows and outdoor balcony spaces. The community will offer an array of upscale amenities, including a rooftop pool and lounge area, golf simulator, club rooms, work lounges, fitness center, concierge service and on-site garage parking, all while providing stunning views of the Manhattan skyline. Additionally, the development is planning to include 8,142 square feet of ground floor retail space.

JLL Capital Market’s Debt & Equity Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr, Director Gerard Quinn and Associate John Cumming.

"Jersey City's multifamily market continues to demonstrate robust fundamentals, attracting both developers and investors with its strong demographics and proximity to Manhattan,” said Didio, Jr.. “The successful arrangement of this financing underscores confidence in the NJ Waterfront and affirms the quality of this luxury development led by The Hekemian Group. 305 Coles is poised to meet the growing demand for high-end rentals in this thriving submarket."