JLL Capital Markets has secured $155 million in construction financing for Charlie, a 386-unit multifamily development located in Hoboken, New Jersey. The financing arrangement, a five-year floating-rate loan, was facilitated by a team led by senior managing directors Jon Mikula and Jim Cadranell, along with Vice President Michael Lachs, on behalf of LCOR, Inc. The loan is being provided by insurance accounts managed by KKR.
Charlie is a 27-story luxury mixed-use residential tower, with completion slated for 2026. The development is strategically situated next to the NJ Transit Hoboken Terminal, offering residents access to a comprehensive array of transportation options, including NJ Transit buses, rail, light rail, NY Waterway ferry, and PATH services.
This waterfront community will enjoy significant local and state incentives, such as a 30-year PILOT (Payment in Lieu of Taxes) agreement from the City of Hoboken and $90 million of Aspire Tax Credits from the New Jersey Economic Development Authority.
“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,” commented Jon Mikula.
This project marks an important milestone in the ongoing transformation of Hoboken’s waterfront area, enhancing its accessibility and appeal to future residents.
*Rendering: LCOR’s Charlie at 201 Observer Highway, Hoboken.*
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Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
