$9.8M in construction financing secured for JC multifamily development

A new luxury housing development that will bring 44 units to Jersey City’s West Side secured $9.78 million in construction financing, JLL Capital Markets announced Aug. 12.

One Mallory will house a mix of studio, one- and two-bedroom units across seven stories at 70 Fisk St.

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

The project is scheduled for completion in spring 2024.

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

Inside, units will feature gourmet kitchens, quartz countertops, subway tile backsplashes, wood plank-style flooring, in-unit washers and dryers, stylish tiled bathrooms, stainless steel appliances and some private terraces. According to JLL, amenities will include 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.

“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,” Custer said in a statement. “One Mallory will undoubtedly be a fantastic addition to this quickly evolving neighborhood.”

What’s happening on the West Side?

• The Agnes in Jersey City secures $63M financing
• JLL: Jersey City’s Rivet community secures $105M in refinancing
• Leasing kicks up at 3 Acres in Jersey City (slideshow)