Landsea Closes $102.3 Million Construction Loan for Avora Luxury Condominium Project on Weehawken, NJ Waterfront
184-Unit Building Facing Midtown Manhattan Fully Financed and Under Construction
NEW YORK, NY – Landsea has announced that it closed on a $102.3M construction loan for Avora, a 184-unit luxury condominium project rising on the Weehawken, NJ waterfront facing midtown Manhattan. The amenity-rich 10- and 11-story building, which also includes 6,000 square-feet of ground-floor retail space, is under construction, with initial occupancy scheduled for first quarter, 2018. The financing was secured by Landsea with the assistance of Holliday Fenoglio Fowler, L.P. (HFF) through the Bank of the Ozarks.
John Ho, CEO of Landsea, said: “Securing this financing reflects the appeal of Avora by a commercial lending institution eager to invest in a project with an exceptional Manhattan-centric location, world-class design, and a global marketing program that has already yielded significant pre-construction sales in the United States and abroad. Avora continues Landsea’s nationwide strategy to acquire well-located sites in prominent United States gateway cities for transit-oriented, residential developments.”
Avora’s modern design was created by world-renowned architects IBI Group which conceived a multi-tiered, stepped-back design to maximize the building’s waterfront location and spectacular views of midtown Manhattan and the Hudson River. One-, two- and three-bedroom homes priced from the $800,000s to $4 million+ will feature dramatic finishes and appointments including nine-foot ceiling heights, Chef’s kitchens with stainless steel appliances, designer spa bathrooms with porcelain countertops, European-imported stone finishes, and balconies or terraces with most homes. Amenities that would rival any 5-star resort will include a magnificent lobby with 24-Hr. Concierge, private screening theater, business center, elegant private dining / boardroom, the Avora lounge with a bar and catering kitchen, on-site pet grooming, a state-of-the-art strength and cardio fitness center, and a secure, enclosed parking garage. A stunning landscaped outdoor plaza will feature a heated pool, spacious sun deck, lounges, grilling areas, an amphitheater and a fire pit – all set against the backdrop of the world renowned Manhattan skyline. Located in the heart of the $2 billion master-planned Port Imperial community that stretches two miles of Hudson River waterfront, Avora is steps away from the Port Imperial Ferry Terminal, which offers ferry service to both midtown and downtown Manhattan.
The HFF debt placement team representing the borrower was led by senior managing directors Thomas Didio, Michael Gigliotti and executive managing director Dan Cashdan.
“The project’s prime location will offer residents the quickest and most convenient access to Manhattan of any luxury condo development along the Gold Coast,” said Didio. “Furthermore, its location abutting the Hudson River will provide residents with sweeping views of the Manhattan skyline that will forever remain unobstructed.”
Landsea is a wholly-owned subsidiary of a publicly traded international homebuilding and development company (SEHK:106) with operations in the United States, China and Europe. In the United States, Landsea’s current endeavors reflect the company’s vision of shaping and enhancing the fabric of key metropolitan settings with iconic developments that embody cutting edge design, forward-thinking amenities and sustainable building practices. Landsea brings an unparalleled combination of progressive vision, environmentally-responsible design and technologically-advanced innovation to the global residential marketplace. Landsea offers to each of its new communities the experience of an international leader in green technology, combined with a profound understanding of its customers’ preferences and lifestyles. From New York to Boston, San Francisco and Los Angeles, Landsea is delivering world-class communities to world-class cosmopolitan locations.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.