Hudson House, an 829-Unit Multifamily Portfolio in Jersey City, was recently acquired and recapitalized by OneIM, RXR, and Columbia Property Trust, according to an announcement from Strategic Value Partners, which managed the funds.
Construction on the first phase of Hudson House is complete and leased. The remaining two phases of the development will be completed following the close of this transaction and are expected to be delivered this summer with move-ins beginning shortly thereafter.
The complex deal included a refinancing of the existing senior mortgage with a new loan from affiliates of Apollo Global Management, which will help fund construction completion, lease-up and additional enhancements.
The buildings feature large unit layouts averaging 1,136 square feet and high-end amenities, including a resort-style pool deck, fitness center with three saunas, yoga studio, golf simulator, multiple resident lounges, and approximately 48,000 square feet of ground-floor retail.
Strategically located with direct access to Manhattan and key transit hubs via the Holland Tunnel, I-95 extension, and PATH system, Hudson House offers exceptional connectivity and long-term value potential.
“Hudson House is a transformative project for the Jersey City residential market, and we are pleased to be partnering with OneIM, RXR, and CXP. This investment highlights our shared ability to navigate complex capital structures and vision to drive long-term value creation through collaboration in institutional-quality real estate,” Mike Ungari, SVP Head of Real Estate said.
“This project is a high-quality asset in a uniquely desirable location with continued phases underway. This closing continues RXR’s robust presence in structured transactions, now comprising over $2 billion in capital placement over the past two years,” Russ Young, executive vice president, Investments at RXR said.
JLL advised Manhattan Building Company on certain aspects of the transaction while Cushman & Wakefield advised certain participants on the acquisition and recapitalization.
Davis Polk & Wardwell LLP, Gibson Dunn & Crutcher LLP, Milbank LLP, and Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel on the transaction and refinancing.
