HREV and an investment partner acquired the defaulted mortgage notes on a 3-acre transit-oriented development site in Jersey City, NJ. The notes were purchased in a discounted payoff (DPO) and full control of the site was secured during the second quarter of 2012.
The site represented the gateway location in the last remaining undeveloped neighborhood along the Jersey City/Hoboken Waterfront. The Hudson-Bergan light rail line passes adjacent to the site with plans for a commuter station within the development affording connections to the Path system and Jersey Transit rail.
The as-of-right zoning yielded a maximum density of 670,000 SF configured as mixed use residential, office, hotel and retail. The site was sold in 2017, resulting in significant profit.