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A luxury high-rise apartment community coming to Jersey City with 465 units recently secured financing.

JLL Capital Markets announced arranging the funding for The Hekemian Group project at 305 Coles St. April 1. The team from the global real estate firm secured senior financing through Kennedy Wilson and mezzanine financing through Red Cove Capital. Further financial terms were not disclosed.

Situated in historic Downtown, the Coles Street Apartments will feature studios along with one- and two-bedroom layouts. The property will boast an average unit size of 875 square feet, according to JLL.

Along with a site accessible to New York via the nearby Grove Street and Newport PATH stations, the area of Jersey City also offers shopping, dining and entertainment options, as well as major employment centers.

Senior Managing Director Thomas Didio, Managing Director Thomas Didio Jr., Director Gerard Quinn and Associate John Cumming led the JLL Capital Market’s Debt & Equity Advisory team representing the borrower.

A ‘thriving’ market

“Jersey City’s multifamily market continues to demonstrate robust fundamentals, attracting both developers and investors with its strong demographics and proximity to Manhattan,” said Didio Jr.

“The successful arrangement of this financing underscores confidence in the NJ Waterfront and affirms the quality of this luxury development led by The Hekemian Group. 305 Coles is poised to meet the growing demand for high-end rentals in this thriving submarket,” he added.

Last month, Didio and Didio Jr. were part of a team that helped arrange $142 million in construction financing for another multifamily project in Jersey City.

As new buildings continue to rise, Jersey City still attracts renters. JLL cited a 3% submarket vacancy rate in the local multifamily market. Persistent demand has not only led to increased inventory, but also rental rates.

A February report from Apartments.com put the average monthly rent in Jersey City at $3,161; reflecting a 2% increase over January. The online rental marketplace notes the Hudson County hotspot holds distinction as one of the most expensive cities nationwide for renters, with price points 99% higher than the national average rent.

According to JLL, the average income within a 1-mile radius of Coles Street Apartments is $196,344.

In line with the desire for amenity-rich living experiences, residents will have access to perks such as a rooftop pool and lounge area, golf simulator, club rooms, work lounges, fitness center, concierge service and on-site garage parking. Units will offer high-end finishes like hardwood-style walnut flooring, silestone and quartz countertops, sleek wood cabinetry, stainless steel kitchen appliances, oversized windows and outdoor balcony spaces.

Plans for the property include more than 8,000 square feet of ground-level retail, JLL added.