Jersey City mixed-use project lands $120M in financing

West Side development gets $84M construction loan and $36M in equity

TRD TRI-STATE /
Feb.February 19, 2020 01:45 PM
An aerial view and a rendering of The Element at 400 Claremont Avenue (Credit: Google Maps)

An aerial view and a rendering of The Element at 400 Claremont Avenue (Credit: Google Maps)

Developer Art Johnson has landed $120 million in financing for a mixed-use project his firm is building in Jersey City.

Johnson and Progress Capital founding partner Kathy Anderson

Johnson and Progress Capital founding partner Kathy Anderson

The financing for 400 Claremont Avenue is split between an $84 million construction loan and $36 million in equity, according to Johnson and Progress Capital founding partner Kathy Anderson, who arranged the deal. The loan comes from Emanuel Stern’s Tall Pines Capital, while the equity was purchased by private investors.

“We think it’s a terrific project in a terrific location,” said Tall Pines Managing Principal Emanuel Stern.

The development, known as The Element, will stand six stories tall with 631 residential units, 277 of which will be “micro-units” smaller than 500 square feet. It will feature more than 70,000 square feet of amenities, including a yoga studio and an outdoor bar. Tenants will have access to private shuttles to the PATH train.

It will also include 279 parking spots and 15,500 square feet of retail.

Johnson’s 400 Claremont LLC bought the former manufacturing site in 2018 for $17 million. The building should be ready for people to move in by August 2021, he said.

The project is a key component of the revitalization of Jersey City’s West Side, according to Progress Capital’s Anderson.

“It’s a really important project for the West Side of Jersey City because it hasn’t seen development like this,” she said, “and being by the light-rail station is a good representation of how the West Side is developing.”


Related Articles

arrow_forward_ios
55 Corporate Drive in Bridgewater (Credit: CBRE)

Zell Partnership, CBRE pitch suburban sprawl as office leasing lifehack

Zell Partnership, CBRE pitch suburban sprawl as office leasing lifehack
Clockwise from top left: 514 Heron Drive, 820 East Gate Drive, 1 Kildeer Court and 605 Heron Drive (Credit: Google Maps)

New Jersey industrial portfolio trades for $43M

New Jersey industrial portfolio trades for $43M
An interior rendering of American Dream mall (Illustration by The Real Deal)

Troubled mall turning shuttered space into coronavirus testing center

Troubled mall turning shuttered space into coronavirus testing center
Golden Glades lands $41M loan for Jersey City luxury building

Golden Glades lands $41M loan for Jersey City luxury building

Golden Glades lands $41M loan for Jersey City luxury building
Renaissance Properties sells mixed-use Metuchen complex for $30M

Renaissance Properties sells mixed-use Metuchen complex for $30M

Renaissance Properties sells mixed-use Metuchen complex for $30M
Joint venture led by Federal REIT drops $203M for Hoboken portfolio

Joint venture led by Federal REIT drops $203M for Hoboken portfolio

Joint venture led by Federal REIT drops $203M for Hoboken portfolio
CMT Developer secures loan for apartments at former Elizabeth, NJ hospital site

CMT Developer secures loan for apartments at former Elizabeth, NJ hospital site

CMT Developer secures loan for apartments at former Elizabeth, NJ hospital site
Thor Equities shells out 8 figures for Jersey City office building

Thor Equities shells out 8 figures for Jersey City office building

Thor Equities shells out 8 figures for Jersey City office building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...