JLL Capital Markets announced that it has secured $155 million in construction financing for Charlie, a 386-unit multifamily development in Hoboken, New Jersey.
JLL represented the borrower, LCOR, Inc., in arranging the five-year floating-rate loan from insurance accounts managed by KKR.
Charlie sits next to the NJ Transit Hoboken Terminal, providing exceptional access to multimodal transportation options such as NJ Transit buses, rail, light rail, NY Waterway ferry and PATH services. Positioned along the Hudson Waterfront, residents can seamlessly reach Manhattan in 12 to 15 minutes.
Hoboken, renowned for its vibrant live-work-play environment, features a dynamic mix of parks, shops, restaurants and nightlife, making it a top destination for young professionals and families seeking a Manhattan lifestyle extension. Hoboken recently achieved a walk score of 99, emphasizing its walkability and extensive retail offerings. The city also boasts a population of 61,270, with 66% being renters, underscoring its appeal as a prime location along New Jersey’s Gold Coast, close to Manhattan and with a robust Class A residential market.
Charlie includes 386 units with an average size of 698 square feet, offering studios, junior one-, one-, two- and three-bedroom options. Units feature SmartRent controls for heating, cooling and electric functions, along with top-tier amenities like a concierge service, fitness center and large rooftop deck with a pool. Additional amenities include co-working spaces, a pet spa and a ground-floor park, providing an elevated living experience in Hoboken.
Sustainability is a key component of the design of the residential building, which will include green roofs, extensive stormwater improvements, and a geothermal system consisting of 66 geothermal wells with a maximum depth of 850 feet and electric heat pumps – the largest residential geothermal system in New Jersey.
The luxury community will benefit from significant local and state incentives, including a 30-year PILOT from the City of Hoboken and $90 million of Aspire Tax Credits from the New Jersey Economic Development Authority.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Jon Mikula and Jim Cadranell and Vice President Michael Lachs.
“This project is nearly 20 years in the making, which further underscores the value of new development next to one of the busiest train stations in the country,” said Mikula.
“This is the type of large-scale complex development at which LCOR excels. KKR recognized the unique opportunity and provided very competitive financing terms,” added Cadranell.
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 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.
