Palladium Management has secured an $11,425,000 loan with lender Lakeland Bank for the development of a historic 62-unit rental building in Jersey City’s McGinley Square. “We are happy to be working with Lakeland Bank for the development of a truly unique and historically significant asset in an up-and-coming neighborhood in Jersey City,” says David Roth, Principal of Palladium Management.
Palladium will co-develop the property with its partners at Metrovest Equities. Pine Builders will be the project’s general contractor. Metrovest Equities has extensive experience in the McGinley Square submarket, having developed two adjacent historic properties into condominiums. Pine Builders has over 35 years of construction experience in New York and New Jersey. “We’ve assembled a great team,” says David, “and we are excited to add this property to our growing portfolio of multifamily assets”.