New 276-room Marriott is planned on the fast-developing Jersey City waterfront
Hackensack, N.J. – The rapid development currently underway on the Jersey City, New Jersey waterfront will soon feature another new flagship property.
The development of a 276-room Marriott hotel will proceed, thanks to a $10,750,000 refinancing loan originated by Silver Arch Capital Partners, a Hackensack, New Jersey-based private lender.
When completed, the 202,495 square foot hotel, developed by Statue of Liberty Harbor North Development Urban Renewal, LLC, will consist of a full service restaurant, a bar and lounge area plus associated services such as concierge, salon, meeting/banquet rooms and a full service fitness center.
Located in Liberty Harbor North, the 15,300 square foot parcel is located at 155 Luis Munoz Marin Boulevard, Hudson County, New Jersey.
Silver Arch Capital Partners, (silverarchcp.com), a nationwide commercial mortgage lender who is recognized for providing fast and creative bridge loans, has been rapidly expanding into other urban high-profile locations and has recently originated over $50 million in land loans in Brooklyn, Miami, Manhattan and Chicago.
“We see waterfront areas as particularly attractive,” says Jeffrey Wolfer, President and CEO of Silver Arch Capital Partners. “Jersey City is one of the most desirable areas on the east coast. The property is in close proximity to nearly 6 million square feet of office space, 5,000 residential units and is just across the Hudson River from the financial district in lower Manhattan.”
With the Hackensack River on its west and the Hudson River to its east, Jersey City is the largest municipality in Hudson County and the second largest in the state after Newark. The development, in recent years, of the Jersey City harbor area has been explosive.
Despite the ideal location, traditional lenders continue to shy away from undeveloped properties.
“Silver Arch Capital Partners sees opportunities when others tend to turn their backs. If the borrower has a strong track record, we will take the long view regarding value-add potential to the point where the loan can be refinanced with a conduit or CMBS loan or by a portfolio lender. The traditional lender, in contrast, will tend to have a greater focus on current cash flow.
“The great location coupled with the Marriott brand name and the experience of the people behind the respected Tramz Hotels Group enabled us to provide them with great terms and a quick closing.”
Tarrunumn Murad along with her husband Tajjammal Murad founded Tramz Hotels Group in 1987. She was only the second woman to become a Chartered Accountant in Pakistan in 1976.
In the US, she has financed transactions of over $150 million and holds an MBA from Columbia University in New York.
“We are thrilled to have secured this financing through Silver Arch Capital Partners and happy they saw the incredible potential of this area and this project just as we did,” says Mrs. Murad. “We appreciate the confidence they have placed in us.”
About Silver Arch Capital Partners
Silver Arch Capital Partners is a leading nationwide private lender to the commercial real estate market, specializing in bridge loans to owners, investors and developers in need of funding outside the scope of traditional banks and lenders. Formed with the mission to assemble the most highly creative minds in real estate lending under a single banner, the firm recognizes the importance of access to capital in turbulent times. Its partners, who have closed over $2 billion in loans, have the knowledge and insight to guide a borrower through the entire loan process, from initial review through closing.
Drawing from various resources, Silver Arch Capital Partners offers loans from $1 million to $70 million with the flexibility and creativity to review projects of every type — land, multifamily, office, retail, industrial and hotel — and to offer funding for almost every purpose — restructurings, discounted payoffs, purchase of notes and property improvements.