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GlobeSt.com UPDATE: Trump Partner Gets $171M Loan
By Eric Peterson
Last updated: January 18, 2006 08:20am
JERSEY CITY-Corus Bank has closed on a $171-million loan to Vector Urban Renewal Associates I, an affiliate of the Hoboken-based Metro Homes and its head, Dean Geibel. The financing is for Trump, Jersey City, a massive residential/retail complex that Metro Homes and Geibel are developing in partnership with Donald J. Trump.
As GlobeSt.com reported at the time, the project was unveiled back in late September with a price tag estimated at $415 million. When completed, it will be operated under the Trump umbrella of properties and managed by the Trump Organization.
“Despite the large loan size, the bank was able to close the transaction without participants,” says Keith Gibbons, first vice president of Corus Bank, a subsidiary of the Chicago-based Corus Bankshares Inc. Rising on a two-acre parcel at Washington and Bay streets in this city’s Exchange Place neighborhood, the complex’s two towers, when completed, will be the tallest buildings in the State of New Jersey. The project will include a 531,500-sf tower topping out at 55 stories and containing 445 condo homes. The second tower, reaching 50 floors, will total more than 480,000 sf and have 417 homes.
Work will start on the larger of the two towers first, and both will be linked by a 330,000-sf, seven-story base that will include a parking structure with a capacity of nearly 700 cars. The base unit will also house 23,000 sf of retail space, a business center, a private 8,000-sf fitness and a rooftop plaza with an outdoor heated pool, among other things.
Construction is being done by Bovis Lend Lease on a design produced by DeWitt Tishman Architects. The development partners are targeting the end of 2007 for initial occupancy.
GlobeSt.com UPDATE: Trump Partner Gets $171M Loan
By Eric Peterson
Last updated: January 18, 2006 08:20am
JERSEY CITY-Corus Bank has closed on a $171-million loan to Vector Urban Renewal Associates I, an affiliate of the Hoboken-based Metro Homes and its head, Dean Geibel. The financing is for Trump, Jersey City, a massive residential/retail complex that Metro Homes and Geibel are developing in partnership with Donald J. Trump.
As GlobeSt.com reported at the time, the project was unveiled back in late September with a price tag estimated at $415 million. When completed, it will be operated under the Trump umbrella of properties and managed by the Trump Organization.
“Despite the large loan size, the bank was able to close the transaction without participants,” says Keith Gibbons, first vice president of Corus Bank, a subsidiary of the Chicago-based Corus Bankshares Inc. Rising on a two-acre parcel at Washington and Bay streets in this city’s Exchange Place neighborhood, the complex’s two towers, when completed, will be the tallest buildings in the State of New Jersey. The project will include a 531,500-sf tower topping out at 55 stories and containing 445 condo homes. The second tower, reaching 50 floors, will total more than 480,000 sf and have 417 homes.
Work will start on the larger of the two towers first, and both will be linked by a 330,000-sf, seven-story base that will include a parking structure with a capacity of nearly 700 cars. The base unit will also house 23,000 sf of retail space, a business center, a private 8,000-sf fitness and a rooftop plaza with an outdoor heated pool, among other things.
Construction is being done by Bovis Lend Lease on a design produced by DeWitt Tishman Architects. The development partners are targeting the end of 2007 for initial occupancy.
posted by Jones Lang LaSalle NJ News Blog at 10:21 AM
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