Aries Capital Delivers Non-Recourse Loan for Jersey City LandOctober 12, 2016
Aries Capital arranged a $10.75 million bridge loan for the refinance of a land parcel at 155 Marin Boulevard within the popular Liberty Harbor North community in Jersey City, New Jersey. The non-recourse loan will afford the borrower time to finalize construction details to build a 286-key, full-service Marriott Hotel with 25,000 square feet of meeting space, two restaurants, a fitness center, business center and market pantry on the land. Aries Capital’s Chairman and CEO Neil Freeman and Executive Vice President Andrea Riegsecker secured the financing on behalf of long-time client Tarrunumn Murad of New Jersey-based Tramz Hotels Group. Aries has arranged over $200 million in total financing for Murad’s commercial real estate portfolio.
“Neil Freeman has been a critical resource for our company for many years. We have repeatedly benefited from his deep industry knowledge and invaluable capital source connections, and look forward to working with him on future projects,” said Murad.
Just a 10-minute ride by public transportation, Jersey City is the closest (and a lower cost) alternative for Manhattan businesses, sparking increased demand for hotel and residential rooms. The borrower’s waterfront land is within the heavily-developed Liberty Harbor North community, home to the Statue of Liberty, Ellis Island, Liberty State Park, Liberty Harbor Golf Course and Liberty Science Center; as well as a plethora of retail outlets and restaurants, millions of square feet of offices, and thousands of new residential apartments and condos. The land is also adjacent to the New York ferry terminal and close to both the PATH and light rail train stations.
“We are again fortunate to assist Ms. Murad and the Tramz team with a creative solution to their financing needs,” said Freeman. “The Liberty Harbor site is a world-class, institutional-quality opportunity.”