NJ Condo Wins $102M Construction Loan
- Feb 15, 2017
Weehawken, N.J.—California-based developer Landsea has obtained a $102.3 million construction loan for its 184-unit condominium project on the Weehawken, N.J., waterfront. The property, which includes 6,000 square feet of ground-floor retail space, is under way now, with first occupancy scheduled for 1Q 2018.
IBI Group designed the multi-tiered, stepped-back property—resulting in 10- and11-story structures—to maximize the building’s waterfront location and views of Midtown Manhattan and the Hudson River. IBI, a global architectural firm, also designed the Port Imperial Ferry Terminal next door to Avora.
Unit sizes range from just over 600 square feet to 2,700 square feet, with prices from more than $800,000 for a one-bedroom unit to more than $4 million for each of the four penthouse duplexes on the building’s 10th and 11th floors. Common amenities include a lobby with 24-hr. concierge, private screening theater, business center, private dining/boardroom, and the Avora lounge, with a bar and catering kitchen. There’s also on-site pet grooming, a strength and cardio fitness center, and an enclosed parking garage.
Landsea CEO John Ho explained that Avora “continues Landsea’s nationwide strategy to acquire well-located sites in prominent United States gateway cities for transit-oriented, residential developments.” The property’s location near the terminal provides access to ferry service to both Midtown and Downtown Manhattan.
The financing was secured by Landsea with the assistance of Holliday Fenoglio Fowler through the Bank of the Ozarks. The HFF debt placement staff representing the borrower was led by senior managing directors Thomas Didio, Michael Gigliotti and executive managing director Dan Cashdan.