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Brokerage
Posted: May 4, 2021
FOLXCO and IFANY secure a $16m construction loan for two-tower residential project
Jersey City, NJ Developers Mark Rigerman, Paul Jensen and Shimon Jacobowitz have secured a $16-million construction loan for their 56-unit residential project. The joint venture between of FOLXCO and IFANY, called Pine Gardens at 311 Pine St., is comprised of two eight-story towers fronting both Pine and Whiton Sts. in the Bergen Lafayette area.
The loan was provided by David Shemtov and Jeffrey Puchin of Bank Leumi.
The project includes 56-units across two towers, all two bedrooms with two full-baths, plus an additional room for office or den, each unit also has an oversized balcony with floor-to-ceiling windows/patio doors, with tech-enabled appliance and modern finishes. Pine Gardens will also comprise a full gym, a rooftop recreation center with a skyline view for sunset solar cycle, plus car and bicycle parking. There are also eight penthouses with direct access to the private outdoor rooftop space. Architecture and design is by Hampton Hill Architecture and STK NY Design. The construction is currently taking place on the second floor deck.
Despite disruption associated with the pandemic, developers are betting on the city, specifically in the Bergen Lafayette area, due to the close proximity to Liberty State Park, the Jersey City Light Rail Park -n-Ride Station and the Communipaw boutique shopping and entertainment district.
This is one of three projects that FOLXCO and IFANY have planned for 2021 in the city, with a others currently in design planning for 2022.
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