Two Jersey City residential towers landed construction financing within a day of each other this week, and together they put more than 2,500 units into the ground on the same stretch of waterfront-adjacent Hudson County real estate.
Jersey City's Bergen-Lafayette section got a smaller but telling piece of the same story: a 56-unit project called Jasmin Terrace II closed on equity financing, according to Jersey Digs. That one is scaled for a neighborhood still absorbing new supply, not the skyline.
The bigger money moved on a 1,049-unit tower Jersey Digs is calling Park Tower, which secured a $390 million construction loan, and on a separate 1,542-unit project where Namdar Group lined up a $310 million construction loan, according to Institutional Real Estate, Inc. A third deal, reported by Connect CRE, put $310 million behind the first phase of a Jersey City multifamily project — a number that lands suspiciously close to the Namdar figure, so treat these as two separate reports until a building permit or address ties them apart.
That's three separate construction loans, all multifamily, all Jersey City, all surfacing in reporting between September 17 and September 25. Call it $700 million-plus in fresh construction debt aimed at one submarket in ten days — real money for framing crews, curtain-wall installers, MEP subs and the concrete formwork outfits that do the vertical work on towers this size.
None of the coverage names a general contractor yet, which is normal at the financing stage — a construction loan closes before the GC contract gets filed with the city. But a loan this size doesn't sit quiet; the buildings permit and the trade bid packages follow within months, not years, once debt is in place.
For a Hudson County sub or a crane operator watching for where the next few years of high-rise work lands, this is the signal to watch Jersey City's building department for permit filings tied to these addresses — that's when the actual trade scopes get named.