In November of 2021, Emerald Creek Capital provided an $8,000,000 acquisition loan in the Historic Downtown neighborhood of Jersey City, NJ. The loan is secured by an 18,750 square foot corner lot with 300 feet of frontage. The site is currently improved with a historic loft building and open-air parking lot. The sponsor plans to maximize the zoning potential of the subject property by redeveloping a 60-unit apartment building with ground-floor retail and 32 parking spaces. Directly across the river from Manhattan, Jersey City’s residential and commercial appeal continues to grow resulting in significant investment in new development. The highly sought-after Historic Downtown location offers an abundance of restaurants, shops, and cultural attractions. The subject property benefits from a prime location one block from the PATH station at Grove Street.
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