Strategic Value Partners, OneIM, RXR, and Columbia Property Trust Acquire and Recapitalize Hudson House, an 829-Unit Multifamily Portfolio in Jersey City, NJ

JERSEY CITY, N.J., May 14, 2025 /PRNewswire/ -- Funds managed by affiliates of Strategic Value Partners, LLC ("SVP"), One Investment Management ("OneIM"), RXR ("RXR"), and Columbia Property Trust ("CXP"), announced the acquisition and recapitalization of Hudson House, an 829-unit luxury multifamily complex nearing completion in the Soho West neighborhood of Jersey City, New Jersey.

Construction on the first phase of Hudson House is complete and leased. The remaining two phases of the development will be completed following this transaction and are expected to be delivered this summer with move-ins beginning shortly thereafter. 

The complex transaction included a refinancing of the existing senior mortgage with a new loan from affiliates of Apollo Global Management, which will help fund construction completion, lease-up and additional enhancements.

The Hudson House development includes three distinct components, each a vibrant addition to the Jersey City residential landscape.

The buildings feature large unit layouts averaging 1,136 square feet and high-end amenities, including a resort-style pool deck, fitness center with three saunas, yoga studio, golf simulator, multiple resident lounges, and approximately 48,000 square feet of ground-floor retail. Strategically located with direct access to Manhattan and key transit hubs via the Holland Tunnel, I-95 extension, and PATH system, Hudson House offers exceptional connectivity and long-term value potential.

"Hudson House is a transformative project for the Jersey City residential market, and we are pleased to be partnering with OneIM, RXR, and CXP. This investment highlights our shared ability to navigate complex capital structures and vision to drive long-term value creation through collaboration in institutional-quality real estate," added Mike Ungari, SVP Head of Real Estate.

"This project is a high-quality asset in a uniquely desirable location with continued phases underway. This closing continues RXR's robust presence in structured transactions, now comprising over $2 billion in capital placement over the past two years," says Russ Young, Executive Vice President, Investments at RXR.

"We are excited to pair our team's multifamily experience and vertically integrated platform with our partners to navigate, close and execute the development of Hudson House," said Adam Frazier, Columbia's President and CEO.

JLL advised Manhattan Building Company on certain aspects of the transaction while Cushman & Wakefield advised certain participants on the acquisition and recapitalization.

Davis Polk & Wardwell LLP, Gibson Dunn & Crutcher LLP, Milbank LLP, and Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel on the transaction and refinancing.

About SVP

SVP is a global alternative investment firm that focuses on special situations, private equity, opportunistic credit and financing opportunities. The firm uses a combination of sourcing, financial and operational expertise to unlock value in its portfolio companies. Today SVP manages approximately $22 billion in assets under management, and since inception, has invested more than $53 billion of capital, including more than $18 billion in Europe. The firm, established by Victor Khosla in 2001, has over 200 employees, including more than 100 investment professionals, across its main offices in Greenwich (CT) and London, and a presence in Tokyo. Learn more at www.svpglobal.com.

Contact:
Liz Bruce
Head of Communications and Brand
Strategic Value Partners
[email protected] 

About OneIM

OneIM is a global alternative investment manager that invests across the capital structure, in a range of asset classes, industries and geographies. The firm applies a flexible investment approach and focuses on creating long-term value working with exceptional partners and management teams. OneIM is sector agnostic and focuses on situations where it can leverage its cross asset class expertise and capital base to achieve differentiated risk-adjusted returns. The firm was founded in 2022 and currently manages approximately $7 billion in assets. The team operates from offices in Abu Dhabi, London, Tokyo and New York.

About Columbia Property Trust

Columbia Property Trust is a world–class developer, owner, and manager of premier real estate in New York City, New Jersey, Boston, Washington, D.C., and San Francisco. Columbia's vertically integrated team and capabilities provide a strategic platform to create and grow value across the existing portfolio and to find opportunity in today's marketplace. For more information, please visit www.columbia.reit.

ABOUT RXR

RXR is an innovative real estate investment manager, operator, developer, and place-maker committed to applying a customer and community-centered approach to acquiring, operating, and building properties and to providing services and products that create enduring value for all stakeholders. Headquartered in New York with a nationally scaled platform, RXR is an approximately 415-person, vertically integrated investment manager with expertise in a wide array of value creation activities, including acquisitions, asset and portfolio management, property operations, development, construction, leasing, and technological innovation. RXR is an active investor in real estate credit, rental housing, commercial property, and property technology through value-added and opportunistic investment strategies. The RXR platform manages 104 commercial real estate properties and investments with an aggregate gross asset value of approximately $16.5 billion, comprising approximately 30 million square feet of commercial properties, a multi-family residential portfolio of approximately 9,600 units under operation or development, and control of development rights for an additional approximately 3,000 multi-family and for sale units as of December 31, 2024. Gross asset value compiled by RXR in accordance with the company's fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.

SOURCE Strategic Value Partners