**BXP Joins Joint Venture to Develop Market-Rate Apartments in Jersey City**
BXP has partnered with CrossHarbor Capital and the Albanese Organization to develop 290 Coles St., a full-block, 1.75-acre site in Jersey City. The approximately $400-million project will be located between Coles Street, Jersey Avenue, and 16th and 17th Streets.
Situated along the downtown Jersey City waterfront in the SoHo West neighborhood, the development will feature 670 market-rate residential units. The project will include an eight-story podium with two residential towers reaching 14 and 22 stories. Additionally, it will offer more than 350 parking spaces and 13,000 square feet of ground-level retail space.
The financing for the development includes a $225-million senior secured construction loan, arranged by BNY as the administrative agent, in partnership with U.S. Bank National Association and Banco Bilbao Vizcaya Argentaria as co-syndication agents. BXP is contributing $65 million in preferred equity as additional project funding.
In terms of ownership structure, BXP holds a 19% common equity interest, Albanese owns 14%, and CrossHarbor Capital controls the remaining 67%.
