$9.8M in financing secured for Jersey City multi-housing development

MORRISTOWN, NJ, August 12, 2022 - JLL Capital Markets announced today that it has arranged $9.775 million in construction financing for One Mallory, a 44-unit, seven-story luxury multi-housing development at 70 Fisk Street in Jersey City's West Side.

JLL represented the borrower, 70 Fisk, LLC, to secure the 2.5-year, floating-rate construction loan through Spencer Savings Bank.

With an anticipated completion by the spring of 2024, One Mallory will feature studio, one and two-bedroom units with gourmet kitchens, quartz countertops, subway tile backsplashes, wood plank-style flooring, in-unit washers and dryers, stylish tiled bathrooms, stainless steel appliances and private terraces in select units. The building will offer state-of-the-art community amenities, including an 1,800-square-foot rooftop deck with lounge seating and scenic city views, a modern fitness center, an oversized resident lounge with televisions and a wet bar, a secure package room, electric car charging stations, bike storage and covered parking for 22 vehicles.

Situated at 70 Fisk Street, the property benefits from its exceptional access to the area's strong transportation network. The Hudson-Bergen Light Rail West Side Avenue station is just two blocks from the property, which provides service to commuters along the waterfront and transfers into New York City. The Journal Square PATH station is located approximately two miles from the site and State Route 440 is only two blocks west of the property. New Jersey City University is less than half a mile from 70 Fisk, and St. Peter's University is only 1.4 miles north of the property in McGinley Square. Additionally, nearby recreational, shopping and dining attractions such as Courtney Fricchione Park, Hudson Mall and Lincoln Park are all proximate to the property.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Director Max Custer and Senior Director Thomas E. Didio, Jr.

"Jersey City's West Side has shown exciting momentum over the last 24 months or so with several new projects breaking ground or being completed," said Custer. "One Mallory will undoubtedly be a fantastic addition to this quickly evolving neighborhood."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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