BXP completes formation of $400M JV to develop 290 Coles Street in Jersey City

BXP (BXP) announced that on March 5 it completed the formation of a joint venture to develop 290 Coles Street, a full-block, 1.75 acre site between Coles Street, Jersey Avenue, and 16th and 17th Streets in Jersey City, New Jersey. The property will be developed into a 670-unit market-rate residential project offering panoramic views of the Hudson River and Manhattan skyline. BXP and its partners will execute the approximately $400M development through a newly formed joint venture with CrossHarbor Capital and Albanese Organization and its partner BXP owns a 19% common equity interest in the venture, Albanese owns a 14% common equity interest, and CrossHarbor Capital owns the remaining 67% common equity interest. BXP will also provide $65M in preferred equity as additional project funding. BNY, as Administrative Agent and Arranger, led the financing of a $225M senior secured construction loan in a three-bank deal that includes U.S. Bank National Association and