Jacob Savitt Provides $65 Million Construction Loan For Mixed-Use Development In Jersey City

The asset involved is a 15-story, 218-unit Class A mixed-use building located at 682 New Jersey Highway 440 in Jersey City, NJ, with a total square footage of 179,651. The loan amount for this construction project is $65,000,000. This development is uniquely positioned in Jersey City’s West Side neighborhood, an area that has experienced a 48% population growth over the past three years. The strategic location on Route 440 ensures easy access to major highways, public transportation, and employment centers, as well as nearby retail, dining, and Lincoln Park.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $65,000,000
• Address: 682 New Jersey Highway 440
• Market: Jersey City, NJ
• Asset Size: 179,651 SF
• Lender: Jacob Savitt
• Landlord: Mohan Myneni
• Loan Type: Construction

The loan was originated by Jacob Savitt, who serves as the lender for the project. The building stands out in the area as the only mid- to high-rise development due to zoning allowances permitting a maximum height of 15 stories, significantly exceeding the typical 5- to 6-story structures in the vicinity. Additionally, the project includes a premium amenity package, highlighted by a rooftop pool, which is a distinctive feature in the local market.