A proposed luxury apartment community in Jersey City moved one step closer with senior financing provided by Kennedy Wilson and mezzanine financing from Red Cove Capital.
Located at 305 Coles Street in Downtown Jersey City, the luxury high-rise Coles Street Apartments will feature a mix of studios, one- and two-bedroom units, averaging 875 square feet. The apartments will feature walnut flooring, stainless steel appliances in the kitchen, large windows and balconies.
The developer, the Hekemian Group, worked with JLL Capital Markets Debt & Equity Advisory team who arranged both deals. The JLL team was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr, Director Gerard Quinn and Associate John Cumming.
Senior financing is a loan that takes the highest priority in a company’s capital structure, meaning it will be repaid before other debts like junior debt or equity. Mezzanine financing sits between senior debt and equity investment. It serves as hybrid financing and is subordinate to senior financing. It may contain an option to convert to equity.
“Jersey City’s multifamily market continues to demonstrate robust fundamentals, attracting both developers and investors with its strong demographics and proximity to Manhattan,” said JLL’s Didio, Jr.. “The successful arrangement of this financing underscores confidence in the NJ Waterfront and affirms the quality of this luxury development led by The Hekemian Group. 305 Coles is poised to meet the growing demand for high-end rentals in this thriving submarket.”
Community amenities at 305 Coles will include a fitness center, concierge service, golf simulator, work lounges, garage parking, and a rooftop pool and lounge area. The development will include more than 8,000 square feet of ground-floor retail space. The location affords easy access to New York City via both the Grove Street and Newport PATH and NYWW ferries. Residents will enjoy the many shopping, dining and entertainment options available in historic Downtown Jersey City.
