BridgeInvest Closes $30 MM Land Loan for Multifamily Site in Jersey City, NJ
BridgeInvest is excited to announce the recent closing of a $30,000,000 loan that is senior secured by two multifamily land parcels located in the Journal Square neighborhood of Jersey City, NJ at an as-is LTV of 55.4%. The loan is senior secured by two multifamily parcels located in Jersey City, NJ: (1) 29 Van Reipen Avenue, a partially occupied multifamily asset, that is approved to be redeveloped into a 612-unit multifamily rental apartment tower; and (2) 32-34 Cottage Street, a multifamily land parcel that is zoned as-of-right for a 240-unit multifamily rental apartment tower. The sponsor originally purchased the properties across two transactions for a total of $16.6 million in 2020.
- 55% LTV multifamily land loan
- Refinancing for land zoned for the development of 850+ multifamily units
- Underwrote significant value creation by sponsor through entitlement work and completion of major projects in the vicinity
- Lending along a path of development in a neighborhood undergoing transformation