One of the more ambitious projects in the shadow of the George Washington Bridge will begin proper construction soon as a financing deal has been reached for the first tower of Modera Fort Lee.
JLL Capital Markets recently announced that it arranged a joint-venture equity partnership for the 253-unit first phase of the project, which is situated at 55 Main Street. JLL worked on behalf of the sponsor, Mill Creek Residential, to arrange the equity investment through Kayne Anderson Real Estate.
Jersey Digs broke the news and was the first outlet to reveal renderings of the project last year, which will be built in two phases. The entirety of the endeavor was designed by Hoboken-based MHS Architecture and will replace mostly vacant and dilapidated structures in various states of disrepair.
Mill Creek will be constructing two new towers under their Modera by Mill Creek brand, which has several complexes around the country including Modera Lofts in Jersey City. The first phase is set to rise 14 stories and feature 300 parking spaces within five levels of structured parking.
The future residences at Modera’s first tower break down as 12 studios, 86 one-bedrooms, 128 two-bedroom units, and 27 three-bedroom spaces. The development will set aside a total of 25 units as affordable housing.
Amenities at the first phase will include a 13th floor outdoor amenity terrace totaling 3,400 square feet. The mixed-income community will also feature work pods, a club-quality fitness center with yoga studio, a resort-style pool and courtyard plus an indoor/outdoor rooftop sky lounge.
“This development opportunity in Fort Lee’s high-barrier-to-entry market is poised to attract a variety of renters,” said JLL’s Senior Managing Director Jose Cruz. “Modera Fort Lee will offer luxury living with spectacular views and convenient access to New York City.”
Several of the dilapidated structures at the property have already been demolished in anticipation of proper construction beginning. A groundbreaking is scheduled for before the end of the year.
“Mill Creek’s track record developing Class A multifamily communities, their ability to self-perform on construction, and the Northern New Jersey market economic growth fundamentals, made this capitalization incredibly compelling to the capital markets community,” said JLL Director Ryan Robertson. “It was a pleasure working with Mill Creek and we look forward to the success of this project.”
Further down the line, the second phase of Modera will be situated on Upper Main. That portion is also slated to rise 14 floors but include three levels of parking and 172 dwelling units that include 21 affordable spaces.
