Canoe Brook Development has received $150 million in construction financing for RB3, a 426-unit luxury community in West New York, N.J. The Northwestern Mutual Life Insurance Co. provided the five-year, fixed-rate loan. JLL Capital Markets brokered the transaction.
RB3 is part of Port Imperial, a 200-acre master-planned community. Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp., is the master developer behind the $3 billion mixed-use destination.
Upon its completion in late 2026, the 11-story RB3 will incorporate studio, one- and two-bedroom floorplans. Common-area amenities are set to includes a swimming pool, a fitness center, a club room, private work offices, coworking spaces, a sky lounge, a virtual reality room and a golf simulator, grilling areas and a children playroom. Units will feature washers and dryers, stainless-steel appliances and large balconies.
Located at 30 Avenue at Port Imperial, the development is on the west side of the Hudson River, directly across from midtown Manhattan. The community will be within walking distance of several transportation options such as the NY Waterway ferry and the Hudson-Bergen Light Rail Station. RB3’s location will also provide access to an 18-mile waterfront walkway which spans from Fort Lee to Jersey City.
JLL Senior Managing Directors Jon Mikula, Jim Cadranell and Steven Klein and Associate Ryan Carroll secured the financing on behalf of the borrower.
Nearly 30 years of master planning
Upon its completion, Port Imperial will represent one of the largest and most valuable single-planned developments in the history of the state of New Jersey. The development currently comprises more than 7,500 rental and for-sale apartments and townhomes, 150,000 square feet of retail space, two hotels, two public garages and over 20 acres of public space.
This project has been nearly 30 years in the making. Back in 1995, with $20 million of notes provided by the Crossland Savings Bank and Chemical Bank, Roseland purchased 100 acres on the Hudson River. Two years later, the company acquired a 50 percent partnership interest in 100 adjacent acres in Weehawken and completed a master plan encompassing two miles along the Hudson River waterfront.
Farallon and Prudential (PGIM) invested alongside Roseland in the development that rises on a former industrial brownfield site. Roseland worked with the NJ DEP for a clean-up program of the land.
