The asset involved in this transaction is a development site located at 35 Cottage Street in Jersey City. The site is planned for the construction of a luxury apartment building consisting of 588 units. The development is strategically situated near the Journal Square PATH Station and includes features such as a CHABAD Synagogue, a Pre-School, and a dedicated party hall. This area has been noted for its strong demand due to low vacancy rates and high household incomes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $152,000,000
• Lender: Centennial Bank
• Landlord: Andrew Namdar - Namdar Group
• Brokers: Michael Mataras & Thomas E. Didio Jr - JLL
• Loan Type: Construction

The financing for this development was secured by JLL Capital Markets, which organized $152 million in funding. This includes senior financing from Centennial Bank and mezzanine financing sourced from a private lender. The comprehensive development plan highlights a commitment to enhancing the community through various features aimed at catering to local needs.