Madison Realty Capital Provides $168M Construction Loan for Residential Development in Jersey City
JERSEY CITY, N.J. — Madison Realty Capital has provided a $168 million construction loan for Emerson Lofts, a 1,000-unit residential development project in Jersey City. The loan allows the borrower, Manhattan Building Co., to complete the first phase of the project and will fund predevelopment on three subsequent phases. Phase I consists of a 26-story tower with 350 residential units, more than 10,000 square feet of retail space, an approximately 24,000-square-foot community center, a public park and parking. Amenities will include a 28,000-square-foot outdoor roof deck with a pool and a fitness center and spa.