24 Feb Art Johnson Lands $120M Loan For Jersey City Property
NEW YORK CITY- Tall Pines Capital has loaned $120 million to the development The Element, a six-story apartment building located at 400 Claremont Avenue in Jersey City, New Jersey. The loan is split between an $84,000 construction loan and $36,000 of equity. Kathy Anderson, a founding partner of commercial real estate firm Progress Capital, arranged the loan.
The Element will consist of 631 units, 277 of them are slated for less than 500 square feet. The target end users are millennials who want to trade square footage for a transit oriented and amenity rich location. The Element is steps away from the West Side Light Rail Train Stop and will provide two private shuttles to the PATH.
With over 70,000 square feet of amenities, tenants will have access to a full-size heated pool, game room, yoga studio, fitness center, children’s playroom, rooftop terrace with barbecue grills, fire pits, outdoor bar and a dog walk. The Element will also house 15,500 square feet of retail space and 279 covered parking spaces.
The Element is located in a Qualified Opportunity Zone providing the investors with significant tax benefits and is one of the first large development projects to break ground in an Opportunity Zone along New Jersey waterfront.