Funds Acquire, Recapitalize Jersey City’s Hudson House Apartments
Funds managed by affiliates of Strategic Value Partners, LLC, One Investment Management, RXR and Columbia Property Trust have acquired and recapitalized Hudson House, an 829-unit luxury multifamily complex nearing completion in the Soho West neighborhood of Jersey City. Financial terms were not disclosed.
The complex transaction included a refinancing of the existing senior mortgage with a new loan from affiliates of Apollo Global Management, which will help fund construction completion, lease-up and additional enhancements. Construction on the first phase of Hudson House is complete and leased, and the remaining two phases will be completed following this transaction.
“Hudson House is a transformative project for the Jersey City residential market, and we are pleased to be partnering with OneIM, RXR and CXP,” said Mike Ungari, SVP head of real estate at Strategic Value Partners. “This investment highlights our shared ability to navigate complex capital structures and vision to drive long-term value creation through collaboration in institutional-quality real estate.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout