JV Lands $100M for New Jersey Community
- Dec 06, 2019
A partnership of The Maxal Group and Hartz Mountain Industries has secured a $100 million loan for its recently completed waterfront property in Weehawken, N.J. The joint venture landed the financing for Harbor 1500, a 236-unit luxury rental building on the Hudson River.
The community makes up one component of Hartz Mountain’s Lincoln Harbor, a mixed-use development that features a recently completed Whole Foods Market, office space, retail, hospitality and service businesses. In May, Hartz Mountain and Katerra Construction topped out 800 Harbor Blvd., a 573-unit, three-building residential development located close to Harbor 1500. That property is expected to be completed in spring 2020.
Harbor 1500 sits on a pier that juts out from the Hudson River waterfront and houses a mix of studio, one- and two-bedroom units, ranging in size from 504 to 1,277 square feet. The community was redeveloped into a luxury rental property from its former use as an office building and pier that also provided warehousing and distribution services. The Lincoln Tunnel, which connects New Jersey to Manhattan, is less than a mile away.
M&T Bank Vice President Anthony Filorimo told Multi-Housing News that the property began leasing earlier this year and is now more than 90 percent leased. Resident amenities at the property include a rooftop pool, spa, fitness center, yoga studios, children’s playroom, screening room and rooftop decks.
“M&T Bank was attracted to this deal because of Hartz Mountain Industries’ greater commitment to the Lincoln Harbor development and the opportunity to grow our relationship with two long-term clients,” said Filorimo.
Sturman, managing director of The Maxal Group, said in prepared remarks that the firm currently has 1,200 additional multifamily units in the pipeline along the Hudson River in New Jersey. The company has been an active developer within New Jersey waterfront areas. Back in 2017, Hartz Mountain and Panepinto Properties teamed up to develop 3 Journal Square, a 240-unit community in Jersey City, N.J. That property is located within walking distance to the Journal Square Transportation Center.