Savills Completes $218 Million Capitalization Of Fort Lee, Nj Mixed-Use Development Project
By Mel Fabrikant Wednesday, September 18, 2013, 04:29 PM EDT
The US-based unit of Savills, an international real estate services firm -- has arranged $218 million in debt and equity capitalization on behalf of Tucker Development Corporation, Ares Management and Kushner Real Estate Group for the development of Hudson Lights at Fort Lee.
The shovel-ready, 517,000 square foot mixed-use development is located along the New Jersey “Gold Coast” at the base of the George Washington Bridge, just across the Hudson River from Manhattan. Upon completion of this initial phase of the project — scheduled for late 2015 — Hudson Lights will feature approximately 276 luxury rental apartments, 143,000 square feet of premier ground-floor retail space, and 864 parking spaces.
As part of the capitalization, Sovereign Bank, a unit of Banco Santander SA, has provided a $117 million construction loan facility for the project. Construction will commence immediately.
“Savills’ depth of capital markets experience, combined with the sponsors’ proven track record and the strength of the project, were critical factors in arranging joint venture equity and construction financing,” said Jeffrey W. Baker, Executive Managing Director of Savills. “This transaction demonstrates confidence in the New York Metropolitan market fundamentals and the availability of capital for top-quality development projects led by top caliber sponsors.”
Baker added that the irreplaceable Gold Coast location and quality of the project — designed by the internationally recognized architectural and planning firm Arquitectonica — is expected to garner tremendous interest.
“Upon completion Hudson Lights will be one of the premier infill, mixed-use developments in the nation,” he said. “The project will be anchored by a mix of retail, restaurant and entertainment space, which will create a unique urban shopping environment for residents and visitors.”
Residential amenities will include a pool, lounge, fitness center, and rooftop terrace and gardens. Rental units will feature hardwood flooring, granite countertops, stainless steel appliances, and floor-to-ceiling windows.