A partnership led by Tucker Development Corp. has secured $218 million in financing for the first phase of Hudson Lights, a 1 million-square-foot mixed-use development in Fort Lee, NJ, near the entrance to the George Washington Bridge.
Savills US arranged the debt and equity financing, including a $117 million construction loan, from Sovereign Santander Bank. Tucker will soon begin construction on the first 517,000-square-foot phase, including 143,000 square feet of retail, 864 parking stalls and 276 luxury apartments.
Tucker Development is building Hudson Lights with its development partner, KRE Group. Tishman Construction Corp. is serving as the development’s general contractor. KRE Group will also assist with property management for the development’s residential portion upon completion. Robert K. Futterman & Associates is serving as the development’s exclusive retail leasing agent.
Richard H. Tucker, president and CEO of Tucker Development, called the financing “a testament to the demand that exists in the market for thoughtfully designed, mixed-use developments in prime locations."
Hudson Lights, designed by architecture and planning firm Arquitectonica, is the western portion of a 16-acre site in Fort Lee undergoing comprehensive redevelopment. The project is bordered by Lemoine Avenue, Main Street, Park Avenue (currently Martha Washington Way) and Bruce Reynolds Boulevard.
The new Central Avenue will link Lemoine Avenue and Park Avenue, while Hudson Street, the focal point of the pedestrian-oriented retail, will be constructed between Main Street and Central Avenue.
The fully entitled second phase of Hudson Lights will include an additional 201 residential units, about 50,000 square feet of retail space
and parking, and a 175-room hotel. The zoning also allows a potential office building
of up to 430,000 square feet.