Hackensack, NJ — The rapid development currently underway on the Jersey City, New Jersey waterfront will soon feature another new flagship property. The development of a 276-room Marriott hotel will proceed, thanks to a $10.75 million refinancing loan originated by Silver Arch Capital Partners, a Hackensack, NJ-based private lender.
When completed, the 202,495 s/f hotel, developed by Statue of Liberty Harbor North Development Urban Renewal, LLC, will consist of a full service restaurant, a bar and lounge area plus associated services such as concierge, salon, meeting/banquet rooms and a full service fitness center.
Located in Liberty Harbor North, the 15,300 s/f parcel is located at 155 Luis Munoz Marin Blvd., Hudson County.
“We see waterfront areas as particularly attractive,” said Jeffrey Wolfer, president and CEO of Silver Arch Capital Partners. “Jersey City is one of the most desirable areas on the east coast. The property is in close proximity to nearly 6 million s/f of office space, 5,000 residential units and is just across the Hudson River from the financial district in lower Manhattan.”
Despite the ideal location, traditional lenders continue to shy away from undeveloped properties.
“Silver Arch Capital Partners sees opportunities when others tend to turn their backs. If the borrower has a strong track record, we will take the long view regarding value-add potential to the point where the loan can be refinanced with a conduit or CMBS loan or by a portfolio lender. The traditional lender, in contrast, will tend to have a greater focus on current cash flow.
“The great location coupled with the Marriott brand name and the experience of the people behind the respected Tramz Hotels Group enabled us to provide them with great terms and a quick closing.”
Tarrunumn Murad along with her husband Tajjammal Murad founded Tramz Hotels Group in 1987.
“We are thrilled to have secured this financing through Silver Arch Capital Partners and happy they saw the incredible potential of this area and this project just as we did,” said Murad. “We appreciate the confidence they have placed in us.”