JLL Capital Markets arranged $13 million in refinancing for Esjay Apartments in Jersey City, the real estate capital improvement company said on Aug. 24.
JLL represented the borrower, Point Capital Development LLC, in arranging a 10-year, fixed-rate loan with Nationwide. Loan proceeds were used to refinance the existing construction loan.
Located at 104 Bright St., the community offers easy access to the convenience and amenities of downtown Jersey City while maintaining an upscale historic character enhanced by over a decade of master-planned redevelopment. Esjay Apartments’ surrounding community offers residents numerous entertainment venues, scenic parks, fine dining and upscale shopping.
The luxury 40-unit, mid-rise, multi-housing community in the historic neighborhood of Van Vorst Park contains one- and two-bedroom units averaging 680 square feet. Apartments feature hardwood-style flooring throughout, gourmet kitchens with white quartz countertops, stainless steel kitchen appliances and walk-in closets.
Amenities at the property include a fitness center, two rooftop terraces with grilling stations, a secure package room and onsite covered parking.
Just outside the neighborhood, residents are within walking distance of the Jersey Avenue Light Rail Stop along the Hudson-Bergen Light Rail, as well as the Grove Street PATH Station. Grove Street provides a seven-minute ride to the World Trade Center PATH station as well as a 19-minute train ride to 33rd Street PATH station in Midtown Manhattan. The property is also within 0.3 miles of Interstate-78, which is one of the most traveled highways in New Jersey.
The JLL Capital Markets debt team that represented the borrower was led by Director Matthew Pizzolato.
“Point Capital Development did a tremendous job developing this luxury multi-housing asset and it was evident as they were able to lease up the 40 units in several months with zero concessions in the middle of COVID,” said Pizzolato. “We were able to negotiate attractive terms with one of our correspondent life company relationships that allowed our Borrower to lock in a sub-3.00% interest rate for 10 years.”