NEW YORK CITY- Tall Pines Capital has loaned $ 120 million to The Element project. a six-story apartment building at 400 Claremont Avenue in Jersey City, New Jersey. The loan is split into a home loan of $ 84,000 and equity of $ 36,000. Kathy Anderson, founding partner of the commercial real estate company Progress Capital, arranged the loan.
The element will consist of 631 units, 277 of which are planned for less than 500 square meters. The target group of end users are millennials who want to trade square footage for a traffic-oriented and convenient location. The Element is just steps from the West Side Light Rail Train stop and offers two private shuttles to the PATH.
With over 70,000 square feet of amenities, tenants have access to a full-size heated pool, game room, yoga studio, fitness center, children’s playroom, rooftop BBQ grill, fire pits, outdoor bar, and dog walk. The element will also house 15,500 square feet of retail space and 279 covered parking spaces.
The Element is located in a Qualified Opportunity Zone, offers significant tax benefits for investors and is one of the first major development projects to be grounded in an Opportunity Zone along the New Jersey waterfront.