Multifamily Money

Commercial real estate financing has sustained quite a few blows lately. But some sectors — in some areas — are still doing OK. One of those is multifamily in larger urban areas. A $420 million deal in Northern New Jersey is the latest proof. Staying in the financing space, lender and developer Seth Weissman shares his career path and his outlook for the industry.

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— Tom Acitelli, Co-Deputy Editor

Brookfield Properties, G&S Seal $420M Loan for Jersey City Multifamily Tower

Big financings are as rare as hen’s teeth today, but a recent groundbreaking just proved that they’re possible — even in an increasingly difficult market. On June 14, Brookfield Properties and G&S Investors closed a $420 million construction loan for their new multifamily tower at 420 Marin Boulevard in Jersey City, N.J., kicking off the second phase of their 18-acre, master-planned Hudson Exchange development. Union Labor Life Insurance Co. (ULLICO) led the construction financing, with Washington Capital Management and AFL-CIO Housing Investment Trust also participating as lenders.

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How Seth Weissman’s Personal Journey Fueled His Professional Success

Not every child knows what they want to be when they grow up. Fewer have even an idea. When Seth Weissman was in the sixth grade, he completed a class project to interview a professional in an industry he might want to pursue upon reaching adulthood. Weissman, who had a feeling he wanted to become an architect, peppered a working architect of a spec project near his parent’s home in Armonk, N.Y., on whether he should follow the same path. Ironically, the architect told him in no uncertain terms to avoid the profession at all costs, citing low pay, cyclical market patterns, and the hard truth that developers make the final decisions on how a project looks.

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