Jones Lang LaSalle
Athena Secures $112M Construction Loan
By Eric Peterson
JERSEY CITY-The Athena Group has secured a $112-million construction loan for its 33-story condominium development here. The project, which will carry the developer’s "A" brand, will rise at 389 Washington St., one block west of the Hudson River.
The deal was put together by the New York City-based Sonnenblick-Goldman, which arranged the construction loan with Corus Bank, based in Chicago, and the joint venture equity with GoldenTree Insite Partners. As reported by GlobeSt.com, GoldenTree was announced as Athena’s joint venture partner this past October, when the project was unveiled.
"This project will capitalize on the growing demand for Manhattan-style luxury residences within Jersey City’s waterfront district," says Louis Dubin, president of the Athena Group. "We feel that this project will play a major role in the continuing growth and development of this city."
According to Ken Browne, who’s managing the project for Athena, "A" Jersey City will consist of a total of 250 condo units, along with 10,500 sf of ground-floor retail space. Floors two through six will consist of a 238-space parking garage.
"The building will have a brick and glass façade," says Browne, who notes that the project is being designed by the Hillier Group in association with Schuman, Lichtenstein, Claman and Efron Architects. "Each apartment will have its own balcony and panoramic views."
GoldenTree is a year-old New York City-based joint venture between Tom Shapiro, who heads the group as president, and GoldenTree Asset Management. Other founding partners include Josh Pristaw, formerly of Coventry Real Estate Advisors; Matthew Ross, most recently with Sterling American Property; and JR Herlihy, who came from GMAC Commercial Holding Capital Corp.
According to Sonnenblick-Goldman president Steven Kohn, the "A" Jersey City is the latest of several fundings his firm has arranged for Athena. Among other recent financings were 43 W. 64th St. and 838 Fifth Ave., both condo projects in New York City.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
Athena Secures $112M Construction Loan
By Eric Peterson
JERSEY CITY-The Athena Group has secured a $112-million construction loan for its 33-story condominium development here. The project, which will carry the developer’s "A" brand, will rise at 389 Washington St., one block west of the Hudson River.
The deal was put together by the New York City-based Sonnenblick-Goldman, which arranged the construction loan with Corus Bank, based in Chicago, and the joint venture equity with GoldenTree Insite Partners. As reported by GlobeSt.com, GoldenTree was announced as Athena’s joint venture partner this past October, when the project was unveiled.
"This project will capitalize on the growing demand for Manhattan-style luxury residences within Jersey City’s waterfront district," says Louis Dubin, president of the Athena Group. "We feel that this project will play a major role in the continuing growth and development of this city."
According to Ken Browne, who’s managing the project for Athena, "A" Jersey City will consist of a total of 250 condo units, along with 10,500 sf of ground-floor retail space. Floors two through six will consist of a 238-space parking garage.
"The building will have a brick and glass façade," says Browne, who notes that the project is being designed by the Hillier Group in association with Schuman, Lichtenstein, Claman and Efron Architects. "Each apartment will have its own balcony and panoramic views."
GoldenTree is a year-old New York City-based joint venture between Tom Shapiro, who heads the group as president, and GoldenTree Asset Management. Other founding partners include Josh Pristaw, formerly of Coventry Real Estate Advisors; Matthew Ross, most recently with Sterling American Property; and JR Herlihy, who came from GMAC Commercial Holding Capital Corp.
According to Sonnenblick-Goldman president Steven Kohn, the "A" Jersey City is the latest of several fundings his firm has arranged for Athena. Among other recent financings were 43 W. 64th St. and 838 Fifth Ave., both condo projects in New York City.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 9:54 AM
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