$150M financing secured for New Jersey multi-housing project on Hudson River waterfront

MORRISTOWN, Jan. 18, 2024 – JLL announced today that it has arranged the $150 million construction financing for RB3, a to-be-built, 426-unit, 11-story luxury apartment building located on the Hudson River Gold Coast in West New York, New Jersey. The property, which will be the only rental building directly on the waterfront, is part of the 200-acre, master-planned community known as Port Imperial and will offer residents spectacular, unencumbered views of the midtown Manhattan skyline.

JLL worked on behalf of the borrower, Canoe Brook Development, to secure the five-year, fixed-rate loan through The Northwestern Mutual Life Insurance Company.

With an anticipated completion of Q4 of 2026, RB3 will feature studio, one- and two-bedroom units with modern kitchens, quartz countertops, stainless-steel appliances, wood-style flooring, tall ceiling heights, large balconies, wide windows and in-unit washers and dryers. The property will boast a best-in-class amenity package, which will include a state-of-the-art fitness center with five separate specialized rooms, a residential club room, private work offices and coworking spaces, a sundry shop, a dog salon, a virtual reality room, a golf simulator, a kids’ playroom, a sky lounge, a resort-style pool, a pickle ball court, grilling areas and more.

Situated at 30 Avenue at Port Imperial, RB3 is strategically located less than a three-block walk to the NY Waterway ferry, and a 0.4 mile walk to the Hudson-Bergen Light Rail Station, offering residents direct access to midtown and downtown Manhattan and the surrounding area. It will be immediately north of the Lincoln Tunnel entrance, three miles from downtown Hoboken and seven miles from the George Washington Bridge. In addition to RB3’S impressive regional accessibility, the property offers residents walkability and will sit on an eighteen-mile waterfront walkway, spanning from Fort Lee to Jersey City, with substantial retail and entertainment centers located along River Road.

Additionally, Port Imperial currently consists of over 7,500 rental and for-sale apartments and townhomes, 150,000 square feet of retail, two Marriott hotels, two public garages and over 20 acres of public space, including parks, sports fields, outdoor retail plazas and a riverfront walkway that extends two-miles long. Upon completion, Port Imperial will represent one of the largest and most valuable single-planned developments in the history of the state of New Jersey.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Jon Mikula, Jim Cadranell and Steven Klein and Associate Ryan Carroll.

"JLL was pleased to represent Canoe Brook in obtaining construction financing for this exceptional project on the New Jersey waterfront. Following JLL's comprehensive marketing effort, The Northwestern Mutual beat out a strong field of contenders with an attractive fixed-rate option," said Cadranell.

JLL’s Capital Markets group 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 sales and 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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Canoe Brook Development (CBD) is a New Jersey-based apartment development company founded by Marshall Tycher and Carl Goldberg. CBD currently has ownership interests in eight operating projects with more than 1,700 units and totaling $825 million in costs. Eleven additional projects, comprising 2,800 units and over $1.2 billion in costs, are currently in active development or under construction. Canoe Brook Development has extensive development experience across a wide array of residential products including high-rise luxury urban apartments, mid-rise garden-style apartments, and townhomes. CBD projects have a superior asset quality, design, unit layouts and resort-style amenities, with locations in prime, high barrier-to-entry neighborhoods and the highest rents in their submarkets. For more information, visit canoebrookdevelopment.com.