Lincoln and Pegasus Break Ground on 357-Unit Hoboken Tower

• 1300 Jefferson Street, Hoboken, NJ: Lincoln Property Company and Pegasus Partners have broken ground on an 18-story luxury multifamily project with 357 residences and approximately 24,000 square feet of retail.
• Institutional capital is in place: Pacific Life provided the equity commitment, while Truist supplied the construction loan, with JLL advising on the debt and equity placement.
• The project includes 37 affordable units: Twenty will be located within 1300 Jefferson, while 17 additional units will be supported through veterans housing in Hoboken.

What Lincoln and Pegasus Are Building

Construction is underway on 1300 Jefferson Street after a 14-year entitlement process led by Pegasus Partners. Lincoln Property Company joined the project in 2024 as co-general partner and development manager, bringing institutional capital relationships and development capabilities to the Hoboken project. Designed by Fogarty Finger, the development will feature a five-story podium with 304 parking spaces, topped by sections rising 11, 16 and 18 stories. The project is planned to include 36 studios, 129 one-bedroom units, 167 two-bedroom units and 25 three-bedroom units.

 

 

What The Mixed-Use Project Adds

The development will combine residential, retail and public space along Jefferson Street. Residents will have access to active roof terraces, fitness facilities and a 17th-floor pool. The project will also create a 5,234-square-foot public plaza facing ResilienCity Park, adding new outdoor space to the surrounding neighborhood. The retail component is listed at roughly 24,000 to 25,000 square feet, depending on the project source, positioning the development as more than a residential tower.

 

 

What The Affordable Housing Plan Includes

The project includes 37 affordable housing units, with 20 incorporated directly into 1300 Jefferson. The remaining 17 units will be supported through a contribution toward veterans housing at 308 Second Street, adjacent to American Legion Post 107. The arrangement stems from the city's redevelopment agreement and the settlement surrounding the project's earlier litigation.

 

 

What The Financing Says About Hoboken

Pacific Life's equity commitment and Truist's construction loan give the project institutional backing as it moves from years of approvals into construction. JLL advised Lincoln and Pegasus on placing both the debt and equity. The project is also part of a much larger Gold Coast multifamily portfolio controlled by Lincoln and Pegasus. Lincoln says the broader portfolio spans five sites in Hoboken and Jersey City and could deliver approximately 3,600 apartments over time.

What Comes Next For Northwest Hoboken

1300 Jefferson is only the first major phase of Pegasus' broader redevelopment plans. The neighboring 1330 Jefferson Street project is planned for 298 residences and 11,491 square feet of retail and commercial space, according to Pegasus. Pegasus is also advancing a much larger proposal at 1200 Madison Street, while Lincoln and Pegasus have identified additional multifamily opportunities across the Hoboken and Jersey City waterfront. For landlords and investors, the broader pipeline points to continued institutional investment in one of New Jersey's most supply-constrained waterfront submarkets.