Otera Capital has funded a $300 million loan for New York-based manager Tishman Speyer to construct a multifamily and retail development at 55 Hudson Street in Jersey City, New Jersey.
The planned two-tower development will be located on the waterfront, with construction set to begin this month and finish in early 2027. The financing comes as more lenders and investors are allocating capital to build multifamily in the city, with Slate Property Group in July funding two short-term multifamily development loans totaling more than $200 million.
Tishman Speyer’s anticipated 58-story building will provide 1,017 rental apartments and include around 75,000 square feet of indoor and outdoor amenities, with additional street-level retail. The firm is planning to build another 48-story apartment building next door, at 50 Hudson. Together, the properties will deliver around 2,000 apartments and a public plaza.
“[The property at] 55 Hudson has been designed to offer the very best in urban living,” said Erik Rose, a senior managing director and head of US residential development at Tishman Speyer.