(Bloomberg) -- Tishman Speyer secured a $300 million loan to start building apartments on the Jersey City waterfront.
The Manhattan-based developer closed on a construction loan from Otera Capital, according to a statement Monday. The company expects to start construction on 55 Hudson St., a 58-story tower with more than 1,000 rental units, this month with an anticipated completion date in early 2027.
Goldman Sachs Group Inc. owns the ground lease for the land that’ll be the site of the development. After 55 Hudson is completed, Tishman will start building 50 Hudson, a 48-story apartment tower. The two buildings in total will have nearly 2,000 apartments, more than 70,000 square feet (6,500 square meters) of retail and a roughly 32,000-square-foot waterfront plaza.
Construction financing has been tougher to snag in the past year as borrowing rates soared and building values dropped. Still, developers are bullish on demand for apartments due to a broader housing shortage and continued rent growth across major cities in states such as New York and New Jersey.
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