Weehawken, NJ — Landsea has announced that it closed on a $102.3M construction loan for Avora, a 184-unit luxury condominium project rising on the Weehawken, NJ waterfront facing midtown Manhattan. The amenity-rich 10- and 11-story building, which also includes 6,000 s/f of ground-floor retail space, is under construction, with initial occupancy scheduled for first quarter, 2018. The financing was secured by Landsea with the assistance of Holliday Fenoglio Fowler, L.P. (HFF) through the Bank of the Ozarks.
John Ho, CEO of Landsea, said: “Securing this financing reflects the appeal of Avora by a commercial lending institution eager to invest in a project with an exceptional Manhattan-centric location, world-class design, and a global marketing program that has already yielded significant pre-construction sales in the United States and abroad. Avora continues Landsea’s nationwide strategy to acquire well-located sites in prominent United States gateway cities for transit-oriented, residential developments.”
Avora’s modern design was created by world-renowned architects IBI Group which conceived a multi-tiered, stepped-back design to maximize the building’s waterfront location and spectacular views of midtown Manhattan and the Hudson River. Located in the heart of the $2 billion master-planned Port Imperial community that stretches two miles of Hudson River waterfront, Avora is steps away from the Port Imperial Ferry Terminal, which offers ferry service to both midtown and downtown Manhattan.
The HFF debt placement team representing the borrower was led by senior managing directors Thomas Didio, Michael Gigliotti and executive managing director Dan Cashdan.
“The project’s prime location will offer residents the quickest and most convenient access to Manhattan of any luxury condo development along the Gold Coast,” said Didio. “Furthermore, its location abutting the Hudson River will provide residents with sweeping views of the Manhattan skyline that will forever remain unobstructed.”