FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $63.5 million in financing for the development of 207 Van Vorst, a proposed 255-unit, 15-story luxury multi-housing community in Jersey City, New Jersey.
HFF worked exclusively on behalf of 207 Van Vorst Street Realty Company LLC, a joint venture between institutional investors advised by J.P. Morgan Asset Management – Global Real Assets (J.P. Morgan) and Fields Development Group (Fields), to place the construction loan with Wells Fargo Bank.
The property is being developed on a 0.87-acre site situated on Van Vorst Street in the historic Paulus Hook section of Jersey City’s downtown waterfront district. The property will offer views of Manhattan, the Statue of Liberty and nearby marinas, and will be the first of a two-phase project that, once complete, will encompass two adjacent 15-story residential buildings totaling 408 units. Due for completion in 2017, Phase I of the project will have a mix of studio, one-, two- and three-bedroom units and two ground-floor retail spaces totaling 7,237 square feet. Community amenities will include a rooftop swimming pool, fitness center, 24-hour concierge, landscaped courtyard, club room, children’s playroom and a 254-space AutoMotion© parking system.
The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio.
“This project is in the heart of the Paulus Hook area of Jersey City and will be well received by the market once construction is completed,” stated Didio. “This is another trophy property developed by the J.P. Morgan and Fields team.”
About Fields Development Group
Fields Development Group (Fields) is a premier real estate development company established in 2003 by Jim and Rob Caulfield, who are third-generation developers in the Hoboken-Jersey City area. Under their leadership, Fields has carried on its history of real estate development with a vast number of projects under the Fields Development Group umbrella. Jim and Rob are known and respected for their wealth of experience, attention to quality, knowledge of the real estate market and expertise in construction and development.
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $87 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific, as of September 30, 2015. With a 45-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. The Global Real Assets team is part of J.P. Morgan Asset Management's Alternatives Investments business, which collectively manages over $120 billion in client assets across real assets, hedge funds, credit and private equity. For more information: jpmorgan.com/institutional/global_real_assets.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.