NEW YORK, Jan. 10, 2022 (GLOBE NEWSWIRE) – Greystone, a leading national commercial real estate finance company, has announced that it has set up a $ 30 million construction loan for affiliates of The Manhattan Building Company (“MBC”). The construction loan was provided by White Oak Real Estate Capital, a subsidiary of White Oak Global Advisors (“WOGA” or “White Oak”), to finance the construction of a 6 story mixed-use residential development, ~ 150,000 GSF consisting of 80 market-priced rental apartments, 80 parking spaces and approximately 3,200 square feet of ground floor retail space located at 40 Center Street in Jersey City, NJ. Drew Fletcher, Matthew Hirsch and Bryan Grover of Greystone were the exclusive advisers in organizing the development finance.
MBC has been one of Jersey City’s most active and transformative developers over the past decades. The project is located within two miles of MBC’s former Class A residential developments, Soho Lofts and Cast Iron Lofts, and their upcoming 4-tower, +1 million square foot multiphase development, Hudson House. The 40 Center is located in the redevelopment area of Bates Street, for which MBC has been appointed as a redevelopment master by the Jersey City Redevelopment Agency. MBC is committed to Jersey City and is a leading developer in the city with an understanding of the market dynamics that are driving continued growth in demand for high quality multi-family housing. The 40 Center will be the first in a series of phases in the region.
The 40 Center is designed to attract young professional tenants by offering a more affordable high quality product, designed with larger than average units in response to tenant demand for more space in today’s market. MBC will offer a full set of amenities including a fitness center with sauna, full parking and a rooftop lounge with seating, barbecues, fire pits and stunning views of Jersey City and Manhattan.
“MBC is one of the leading owners, developers and builders of apartments in Jersey City. We are delighted to have entered into our relationship with them as part of this transaction and are pleased to have brought MBC and White Oak together for excellent execution, ”said Mr. Fletcher, President, Greystone Capital Advisors.
“Greystone Capital Advisors has done a fantastic job advising us throughout this process, and we are very fortunate to have launched a relationship with White Oak,” said John Palumbo, vice president of real estate development at MBC.
“We are delighted to support MBC in this high quality project in the growing Jersey City multi-family market. Greystone was instrumental in completing the transaction and we are grateful for the thoroughness and thoughtfulness they demonstrated throughout the process, ”said Eric Tanjeloff, Managing Director of White Oak Real Estate Capital.
Greystone is a national private commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, having been ranked among the top lenders by FHA, Fannie Mae and Freddie Mac in these industries. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone. For more information, visit www.greystone.com.
About the Manhattan Building Company
Founded in 1994 as an integrated group of companies with a common goal, Manhattan Building Company has grown into a leading full-service commercial property development, construction and management company serving primarily Jersey City and Hoboken. Based in New Jersey, MBC ensures its success by emphasizing its experienced judgment and focusing on creating efficient, attractive and characterful multi-family units and lofts. MBC has been involved in over $ 1 billion in real estate development in Jersey City and Hoboken. Sanford Weiss, the director of MBC, has been active in Jersey City and Hoboken since 1978 with the primary focus of creating multi-family housing in this high-growth corridor serving Manhattan’s workforce. The company prides itself on its ability to identify, design, develop and build multi-family homes together with a superb team of professionals who create a contemporary luxury rental experience that meets the needs of today’s consumers and investors. institutional. For more information, visit www.themanhattanbuildingcompany.com.
About white oak
White Oak Real Estate Capital, LLC (“WOREC”), a subsidiary of White Oak Global Advisors, LLC, is a commercial real estate lender specializing in developing bespoke financing solutions secured by bridging assets . WOREC offers loans across the entire capital structure, from senior extended senior loans to special situation bridging loans. The company is headquartered in New York.
White Oak Global Advisors, LLC (“WOGA”) is a leading alternative debt manager specializing in the creation and delivery of financing solutions to facilitate the growth, refinancing and recapitalization of small and medium-sized businesses. Together with its financing subsidiaries, WOGA offers more than twenty loan products in the market, including term, asset and equipment loans, to all sectors of the economy. Since its inception in 2007, WOGA and its affiliates have deployed more than $ 9 billion across its product lines, using a disciplined investment process that focuses on providing risk-adjusted investment returns to investors throughout by establishing long-term partnerships with our borrowers. For more information, visit www.whiteoaksf.com.