One of the larger high-rise communities in Downtown Jersey City has secured a refinancing agreement just about a year after opening and revitalizing an entire block near the city’s waterfront.
Veris Residential recently closed a $340 million Freddie Mac refinance for Haus25, a 56-story development situated at 25 Columbus Drive. CBRE’s James Millon, Tom Traynor, Adam Spengler and Michael Sherman negotiated the financing for the project, which began construction in 2019 and opened last year.
Designed by Elkus Manfredi Architects, the 56-story tower includes a public school facility on the ground floor. An existing 163-unit affordable housing building was preserved and updated as part of the project, and an eatery named Meximodo is slated to open on the ground floor as part of the development’s retail component.
Veris looks to be holding onto Haus25 amid a slew of deals that have seen them offload many of their non-residential Jersey City properties in recent years. The company, formerly known as Mack-Cali, sold the 351-room Hyatt Regency along Exchange Place last year and set national price records earlier this year when they traded the prominent Harborside complex for $420 million.
The company also finalized an agreement earlier this summer to sell a block of waterfront land for $58 million. The block, which the company had once envisioned as an office tower, will instead be developed into residential housing by new owners The Related Companies.