CBRE Capital Markets’ Debt & Structured Finance team announced that it has secured a $300 million construction loan to finance The Charlotte, a 57-story, 750-unit Class A multifamily development at 25 Christopher Columbus Drive in Jersey City, NJ.

Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office placed and secured the loan on behalf of Mack-Cali/Roseland Residential Trust. The non-recourse, LIBOR + 270 loan has a five-year term with a one-year extension.

“The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” said CBRE’s Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.”

Mack-Cali/Roseland Residential will be constructing a 36,000 sq. ft. elementary school in a corner of the parcel to be deeded over to Jersey City upon completion.

The project contains 37 affordable units.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.