Taurasi Group Lands $97M Loan for Hoboken Condos

The area is seeing increased demand for luxury properties.

A glass-ceilinged indoor space with trees

A rendering of the completed property. Image courtesy of Madison Realty Capital

The Taurasi Group has obtained a $97 million construction loan from Madison Realty Capital for the redevelopment of a five-story, mixed-use industrial loft building in Hoboken, N.J.

Located at 38 Jackson Street in the South End area of Hoboken, the building is set to feature 493,915 square feet of space across nine stories. The property will include 110 luxury residential condominium units and 50,000 square feet of ground-floor retail, as well as a 300-space parking garage. Construction at the property is underway and is expected to be completed in the third quarter of next year.

Skyline views

Buyers will be able to choose from one- to five-bedroom layouts at 38 Jackson Street, each offering unobstructed views of Manhattan’s skyline. Features and finishes of residences will include full stainless steel appliance packages, floor-to-ceiling windows, in-unit washers and dryers and large outdoor terraces. Among the common-area amenities will be a rooftop pool and sundeck.

The South End of Hoboken is situated directly across the Hudson River from New York City. The neighborhood is seeing substantial demand for luxury, mixed-use residences with high-end amenities.

The South End neighborhood has many service businesses, including nail salons, dog groomers and fitness facilities and is home to several churches and medical centers. Hoboken PATH trains and a light rail are located less than 10-minute walks away, as is New Jersey Transit service at Hoboken Terminal.

Shopping centers, including Newport Plaza and Newport Centre, are also located nearby. Four colleges and universities are less than a 10-minute drive from South End. Last year, IREC netted $150 million in financing for 7 Seventy House, a market-rate, mixed-use development in downtown Hoboken.

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