Hopkins Group Management Secures $34.5M Loan From Goodman Capital And SteepRock Capital For Jersey City Development

The property asset involves a development site located at 165 Newark Avenue in Jersey City. The development is set to comprise a seven-story apartment building containing 50 residential units along with 13,904 square feet of ground-floor retail space. The project benefits from its proximity to public transit, notably near the Grove Street PATH station and Newark Avenue Pedestrian Plaza.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $35,000,000
• Lender: Goodman Capital & SteepRock Capital
• Landlord: Hopkins Group Management
• Brokers: Matthew Pizzolato & Josh Stein - CBRE

In this transaction, Hopkins Group Management secured financing that includes a senior construction loan from Goodman Capital and mezzanine debt from SteepRock Capital. This funding will facilitate the development of the multifamily project, which underscores the strong lender demand for well-located developments in downtown Jersey City.