CBRE has secured a $32 million permanent loan to refinance Art House, a 119-unit Class A luxury apartment building in downtown Jersey City.
Built in 2014, the 12-story property at 148 First Street is 97% leased. Prices for currently available units range from $3,745 a month for a 707-square-foot one bedroom to $6,245 for an 1,185-square-foot three bedroom, according to information on the website of DVORA, the property owner and operator.
The competitive financing was arranged by CBRE‘s New Jersey Debt & Structured Finance team of Matthew Pizzolato, Jason Gaccione, Shawn Rosenthal, Josh Stein, Carlos Silva and Jake Salkovitz. Nationwide provided the financing package.
“We continue to see strong interest from lenders for well-located multifamily properties backed by premier sponsors and operators,” said Pizzolato. “Nationwide recognized the strength of Art House’s location and the DVORA brand and ultimately stepped up to provide the most competitive financing terms.“
