Greystone and Cushman & Wakefield have successfully closed a $20,766,500 FHA/HUD-insured loan to refinance HELIO Apartments, a newly constructed multifamily community in the heart of Hudson County.
The financing supports the successful stabilization of the 69-unit property, which recently entered the Northern New Jersey market as a high-quality residential option. The transaction was a collaborative effort between Eric Rosenstock and Jesse Yodice of Greystone and Alan Blank of Cushman & Wakefield’s Equity, Debt & Structured Finance (EDSF) team.
Located in Kearny, HELIO Apartments offers a mix of studio, one-bedroom, and two-bedroom residences. Designed to cater to modern urban renters, the property features a suite of amenities including a fitness center and a rooftop terrace with views of the surrounding region.
The long-term FHA/HUD financing provides the asset with a stable capital structure following its construction phase.
“Greystone is pleased to deliver a long-term FHA/HUD financing solution that supports the successful stabilization of HELIO Apartments,” Jesse Yodice, director at Greystone said. “Working alongside Cushman & Wakefield’s EDSF team, we were able to structure a loan that aligns with the client’s objectives and the property’s strong fundamentals.”
The refinance comes as Kearny continues to see increased interest from renters looking for modern housing options with proximity to Jersey City and Manhattan.
“The collaboration between Greystone and Cushman & Wakefield’s EDSF platform enabled an efficient execution for this high-quality asset,” Alan Blank, managing director at Cushman & Wakefield said. “HELIO represents a strong addition to the Kearny multifamily landscape, and this refinancing positions the property for continued success.”
