Jersey City’s Lumber House gets $21.5M financing

Completed last fall and fully leased within 60 days, the Lumber House is a mid-rise luxury apartment community offering 46 units in Jersey City.

On May 17, M&T Realty Capital Corp. announced it arranged $21.5 million in financing for the property at 430 Palisade Ave.

Senior Managing Director John Taylor and Managing Director Donna Falzarano of the firm’s Florham Park office worked in collaboration with M&T Bank Commercial Senior Relationship Manager Colleen Foy to place the non-recourse loan through a local bank “at a very aggressive interest rate.”

Lumber House is located adjacent to Riverview Park and within walking distance of the 2nd and 9th Street Hudson-Bergen Light Rail stations. According to M&T Realty Capital Corp., strong renter demand for the property, along with its transit-proximate location and the experience level of the borrower were important considerations for lenders.

Full-service mortgage banking company M&T Realty Capital Corp. specializes in providing competitive financing nationwide for commercial real estate. According to the firm, it has a broad network of institutional life insurance company investors in addition to relationships with other capital sources including balance sheet lenders, debt funds and CMBS debt providers.