Cushman & Wakefield on Thursday announced that it has successfully arranged $136 million in refinancing for Modera Lofts, a 366-unit multifamily community located in the heart of Jersey City’s Powerhouse Arts District in Jersey City.
The global real estate services firm acted as the exclusive advisor to the borrower, Harrison Street Asset Management. The refinancing package was provided by J.P. Morgan.
Modera Lofts, located at 350 Warren Street, is a Fitwel-certified residential building known for its “industrial-chic” aesthetic, featuring exposed brick and high-end finishes. Beyond its residential units, the property includes over 13,000 square feet of retail space and specialized rentable artist studios, reflecting the character of its surrounding neighborhood.
“Modera Lofts represents a premier, institutional-quality asset in one of Jersey City’s most dynamic and supply-constrained neighborhoods,” John Alascio, vice chair at Cushman & Wakefield said. “The property’s strong sponsorship, exceptional transit connectivity, and differentiated live-work amenity profile drove significant lender interest.”
Completed in 2016, the property has remained a top performer in the Downtown Jersey City market due to its comprehensive amenity package and transit-oriented location:
- Transit: Situated just two blocks from the Grove Street PATH station and near two Hudson-Bergen Light Rail stations.
- Amenities: Features a 24-hour concierge, state-of-the-art fitness center, pet spa, and a rooftop deck with an indoor penthouse lounge.
- Neighborhood: Located steps from the Newark Avenue retail corridor and major grocery anchors.
The transaction was led by Cushman & Wakefield’s Equity, Debt, and Structured Finance team, which included John Alascio, Alex Hernandez, Chris Moyer, Chuck Kohaut, Alex Lapidus and Meredith Donovan.
The successful securing of funds from J.P. Morgan underscores continued lender confidence in high-quality multifamily assets within the New York City metropolitan area, particularly those with “live-work” appeal and strong regional connectivity.
