Tishman Speyer Secures $331M Construction Loan From CDPQ For 50 Hudson Street Development
50 Hudson Street
$331,000,000
Units
924
Asset Type
Development Site
Closing
Apr 14, 2025
AI
The asset involved in this transaction is a development site located at 50 Hudson Street in Jersey City. Tishman Speyer is developing a 40-story building that will encompass 924 residential units. The project is set to be delivered in 2028 and will include 10,000 square feet of retail space. Additionally, it will share 75,000 square feet of amenities with its sister project at 55 Hudson Street.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $331,000,000
- Lender: Charles Emond - CDPQ
- Landlord: Rob Speyer - Tishman Speyer
- Loan Type: Construction
- Market: Jersey City
Key individuals in this transaction include Charles Emond, who represents CDPQ as the lender, and Rob Speyer, serving as the landlord for Tishman Speyer. Their roles are pivotal in facilitating the funding for this significant construction project, contributing to the development landscape in Jersey City.
Players
Jersey City Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93