NJ Luxury Tower Secures $155M

The project is on track for delivery next year.

LCOR’s Charlie, a 386-unit multifamily development in Hoboken, N.J., has secured $155 million in construction financing. The five-year floating-rate loan was arranged by JLL through insurance accounts managed by KKR.

“Hoboken continues to demonstrate its appeal as a dynamic urban center, with the recent groundbreaking of the Hoboken Connect project’s Charlie residential community highlighting the city’s robust apartment market,” Ryan Robertson, director, JLL, told Multi-Housing News.


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Charlie is a luxury mixed-use residential tower standing 27 stories. It units average 689 square feet, and 20 percent are set aside as affordable. The community has an expected completion date in 2026 after celebrating its breaking ground last month.

Units will range from studio to three-bedroom homes and will feature SmartRent controls for heating, electric functions and cooling. Community amenities are set to total some 14,900 square feet and will include a pool, fitness center, rooftop deck, lounge, pet spa and coworking spaces.

The property is situated on the Hudson Waterfront beside the N.J. Transit Hoboken Terminal, giving its residents multimodal transportation options such as N.J. Transit buses, rail, light rail, N.Y. Waterway Ferry and PATH services. Manhattan and the greater Hoboken-area are easily accessible.

Sustainability is a key component of the residential building’s design. The community features the largest residential geothermal system in the state. It comprises 66 wells, reaching as deep as 850 feet below ground, as well as electric heat pumps.

In an effort to achieve a LEED Gold certification, there will also be green roofs and upgrades in the surrounding stormwater management infrastructure.

The luxury community benefits from significant local and state incentives, including a 30-year PILOT from the City of Hoboken and $90 million of Aspire Tax Credits from the New Jersey Economic Development Authority.

JLL Capital Market’s Debt Advisory team, which represented the borrower, was led by Senior Managing Directors Jon Mikula and Jim Cadranell and Vice President Michael Lachs.

Nearby, in September, LCOR, topped out another luxury 307-unit, 28-story residential tower in New Rochelle, NY. The property will also feature 31 units which are reserved for households earning below 80 percent of the area median income. The developer received $94 million in financing in August, originated by Pacific Life Insurance.