Lightstone Capital, the real estate debt platform of Lightstone, has recently granted a $34 million bridge loan to an affiliate of Manhattan Building Company (MBC). The purpose of this loan is to support the construction of a 150,000-square-foot residential development located at 40 Center St. in Jersey City.
Drew Fletcher, Ryan Cohen and Bryan Grover from Greystone facilitated the bridge loan on behalf of MBC. “We are thrilled to collaborate with this team and assist them in bringing this project to fruition,” stated Eugene Rozovsky, senior managing director at Lightstone Capital. He also added that MBC has an impressive track record and extensive knowledge about the Jersey City area. They have full confidence that 40 Center will be a valuable addition to the rental market.
Upon completion, 40 Center will offer 80 market-rate rental apartment units along with approximately 3,200 square feet of ground-floor retail space. This development is phase one for Bates Street Redevelopment which designates MBC as its master developer.
