Skyline Development JV Lands $63M for Northern NJ Condo Project
JBA Equities and Agile Capital Partners arranged the financing.
Manisha Raghunath via Unsplash.com
A partnership between Skyline Development and Vasco Ventures has secured $63.2 million in financing for Solaia Condominiums, a 70-unit community in North Bergen, N.J. JBA Equities and Agile Capital Partners arranged the loan, provided by Invictus Real Estate Partners.
The companies are planning to recapitalize the 91,000 square feet of remaining inventory at Solaia Condominiums. The tower comprises one-, two- and three-bedroom floorplans, varying from 860 to 1,900 square feet and featuring custom Italian cabinetry and luxury finishes. Common-area amenities include a fitness center, resort-style spa and wellness amenities, including a vitality tub and sauna.
Located at 8701 Churchill Road, next to the Hudson River waterfront, residents have access to Manhattan skyline views and bay views. James J. Braddock North Hudson County Park and Edgewater Commons, including retail and dining options, are within a mile of the property. The transit-oriented community is close to bus and train stops connecting it to New York City.
The development pipeline in northern New Jersey is strong, with 120 properties under construction, which will add more than 26,660 units to the current inventory, Yardi Matrix data shows. Another condo development, a 500,000-square-foot project owned by Hongkun USA Real Estate Development, is also underway at Port Imperial in Weehawken, N.J.
