Landsea secures $102.3m in construction financing for waterfront condos in Weekhawken, NJ

California-based developer Landsea has obtained a $102.3 million construction loan for a condominium project on the Weehawken, N.J., waterfront. The mixed use development will include 6,000 sqf of ground floor retail space along with 184 units. The space includes a private screening theater, a private dining room, a lounge and a catering kitchen. Unit sizes range from just over 600 to 2,700 square feet, with prices ranging from $800,000 for a one-bedroom unit to more than $4 million for each of the four penthouse duplexes. The financing was secured by Landsea with the assistance of Holliday Fenoglio Fowler through the Bank of the Ozarks. Construction is currently underway with completion slated for 1Q 2018.

Landsea CEO John Ho said described the project as enjoying "an exceptional Manhattan-centric location, world-class design, and a global marketing program that has already yielded significant pre-construction sales in the United States and abroad. Avora continues Landsea’s nationwide strategy to acquire well-located sites in prominent United States gateway cities for transit-oriented, residential developments.”