G.S. Wilcox & Co. on Monday announced it secured $85,000,000 in financing for the newly delivered apartment building known as Overlook Flats in Jersey City.
The loan was arranged by Partner Wesley Wilcox, Principal Al Raymond, and Associate Will Gallagher, included an attractive five-year fixed rate, interest only structure with very flexible prepayment. A correspondent life insurance company of the firm’s provided the financing.
The property includes nearly 300 market-rate residences and 40,000 square feet of commercial space. It is situated less than a 10-minute walk from the Journal Square PATH Station.
“Overlook Flats represents a best in-class product, and it was a pleasure working with the borrower to meet their objectives. This development is a great example of how building with a long-term focus resonates with residents and the lending community alike,” Wesley Wilcox said.
