Extremely high interest rates haven’t stopped Brookfield Properties and G&S Investors from striking a large financing deal for a supertall mixed-use tower near the Jersey City waterfront.

In moment of digital synergy, JV partners secure $420M in construction loan for their huge project at 420 Marin Boulevard, Business Observer Report. The 60-story tower will include 802 market-rate units and retail space and will be part of Brookfield and G&S’ Hudson Exchange, an 18-acre master-planned development.

Union Labor Life leads construction financing. Other participants included Washington Capital Management and AFL-CIO Housing Investment Trust.

The base of the 1.3 million-square-foot building, expected to cost $620 million, will include an 85,000-square-foot ShopRite to replace the supermarket chain’s nearly 30-year-old existing store on the site. Surrounding the towers will be 20,000 square feet of public green space and a dog park. Beyer Blinder Belle was the architect and Consigli Construction was the contractor.

According to Brookfield, the tower will rise one block west of the first phase of the Hudson Exchange, a pair of 35-story luxury rental towers called VYV North and VYV South, which are now fully leased.

While commercial real estate financing has been hard to come by in recent months, this isn’t the first large loan that Jersey City has made this year. In March, Building and Land Technology closed one of the largest single asset financing deals Freddie Mac has ever seen, Secured $257 million in loans A six-building multifamily complex at 20 Beacon Way from Greystone. The project will deliver 1,155 units.

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