Cushman & Wakefield on Jan. 5 announced it served as exclusive advisor to Advance Realty Investors in arranging $72 million of permanent financing for a Harrison apartment building.
The real estate services firm said AIG provided the 10-year, fixed-rate loan for Cobalt Lofts, located in the Riverbend District of Harrison.
“Cobalt Lofts is one of the premier assets in the Riverbend District and is well-positioned to be a focal point of the next generation of Harrison,” said John Alascio. “Advance has done an incredible job executing its vision to redefine the landscape of Harrison and Cushman & Wakefield is proud to have been involved with this financing.”
Alascio, along with TJ Sullivan, Chuck Kohaut and Zachary Smolev – part of Cushman & Wakefield’s Equity, Debt & Structured Finance team – led representation for the Advance Realty Investors.
The funding follows the recent groundbreaking for Phase III of the multi-phased project, Cushman & Wakefield said, which will see a 399-unit apartment building rise adjacent to Cobalt Lofts.
Cobalt Lofts offers studio, one- and two-bedroom apartments, in addition to duplex one- and two-bedroom lofts. The residential community – immediately adjacent to Red Bull Arena and the expanded Harrison PATH station – launched leasing at the end of 2018. One of the few Amazon co-branded buildings nationwide, residences come equipped with smart home technology, including a built-in Amazon Echo Dot, pre-wired speakers and the Samsung SmartThings HUB, Cushman & Wakefield said.