This week, developer Landsea announced the closing of a $102.3 million construction loan to fund the remaining construction on their Avora project in Weehawken.
Since the real estate crash of the late 2000’s, condominium construction financing has been scarce. Just look at the lack of new condominium projects underway in Jersey City. Lenders view rental projects as less risky and as such, over 90% of the new development pipeline is slated for rentals. The fact that Landsea was able to secure this construction loan speaks to the viability of both the company and the Avora project.
John Ho, CEO of Landsea, said: “Securing this financing reflects the appeal of Avora by a commercial lending institution eager to invest in a project with an exceptional Manhattan-centric location, world-class design, and a global marketing program that has already yielded significant pre-construction sales in the United States and abroad. Avora continues Landsea’s nationwide strategy to acquire well-located sites in prominent United States gateway cities for transit-oriented, residential developments.”
Avora at 800 Avenue at Port Imperial in Weehawken is one of the hottest new development projects along New Jersey’s Gold Coast. Mixing cutting edge modern design with a full slate of lifestyle amenities, the project is attracting buyers from all over the world. Sales launched last September and phase one is already 90% sold out.
The loan was secured with the assistance of Holliday Fenoglio Fowler, L.P. (HFF) through the Bank of the Ozarks. The HFF debt placement team representing the borrower was led by senior managing directors Thomas Didio, Michael Gigliotti and executive managing director Dan Cashdan.
“The project’s prime location will offer residents the quickest and most convenient access to Manhattan of any luxury condo development along the Gold Coast,” said Didio. “Furthermore, its location abutting the Hudson River will provide residents with sweeping views of the Manhattan skyline that will forever remain unobstructed.”