Mohan Myneni Of Myneni Properties Secures $220 Million Construction Loan For Imperial Tower In Jersey City

The asset is a development site located at 2966 John F. Kennedy Boulevard in Jersey City, NJ. The site is part of a larger project, Imperial Tower, which will consist of a 56-story mixed-use development featuring 542 apartments, a 154-key Marriott hotel, and 34,105 square feet of retail space. The construction loan secured for this project amounts to $220 million and is designated specifically for construction purposes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $220,000,000
• Lender: Stephen Palmese - Integritas Capital; Kriss Capital
• Landlord: Mohan Myneni - Myneni Properties; Euro Concrete
• Project Completion: 2028
• Location: Jersey City, NJ
• Retail Space: 34,105 square feet
• Number of Apartments: 542
• Hotel Key Count: 154
• Adjacent to: Journal Square PATH Station

Stephen Palmese from Integritas Capital and Kriss Capital facilitated the construction loan for the project. Mohan Myneni represents Myneni Properties and Euro Concrete in this transaction, overseeing the development's progress and ensuring the execution of the project towards its anticipated completion at the end of 2028.