Tucker Secures $218M in Financing for Phase I of 1 MSF M-U Development in Fort Lee, NJ
- Sep 17, 2013
A joint venture of Tucker Development Corp., Ares Management and Kushner Real Estate Group has secured $218 million in financing for the initial phase of Hudson Lights, a 1 million-square-foot mixed-use redevelopment of an eight-acre site located at the base of the entrance to the George Washington Bridge in the heart of downtown Fort Lee, N.J.
“Receipt of this critical financing is a testament to the demand that exists in the market for thoughtfully designed, mixed-use developments in prime locations, as well as the strength of the world-class team that has been assembled to deliver Hudson Lights,” Richard Tucker, Tucker Development’s president & CEO, said in a company statement. “We look forward to soon commencing construction on what promises to be one of the region’s foremost, urban-inspired destinations for shopping, dining, entertainment and luxury residential opportunities.”
With financing in place, Tucker will soon commence construction on the first phase of the project, which comprises 517,000 square feet of commercial and residential space, including 143,000 square feet of retail space, 864 parking stalls and 276 luxury apartments.
The second phase of Hudson Lights will include an additional 201 residential units, approximately 50,000 square feet of retail space and parking, as well as a 175-room hotel. All apartments will feature amenities such as a pool, lounge, fitness center, rooftop terrace and gardens.
Hudson Lights will front on Lemoine Avenue, Main Street, Park Avenue (currently Martha Washington Way) and Bruce Reynolds Boulevard. Further, two new roadways will be constructed as part of the redevelopment.
The zoning also affords the development the option for an office building of up to 430,000 square feet.
Arquitectonica will serve as the project’s architect and planning firm. Tishman Construction Corp. is serving as the development’s general contractor. KRE Group will also assist with property management for the development’s residential component upon completion.
Savills arranged the debt and equity capitalization, including a $117 million construction loan from Sovereign Santander Bank.