BXP (BXP) said Thursday it has completed the formation of a joint venture to develop 290 Coles Street, a 1.75-acre site in Jersey City, New Jersey, into a 670-unit residential project.
BXP said it and its partners will execute the approximately $400 million development through a newly formed venture with CrossHarbor Capital, Albanese Organization and its partner.
Under the terms of the agreement, BXP said it will own a 19% interest in the venture, Albanese 14%, CrossHarbor Capital the remaining 67%.
BXP will also provide $65 million in preferred equity as additional project funding, the company said.
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