With an appealing location, two multifamily properties in West New York secured $18.3 million in financing, part of which will aid the construction of a new, 48-unit community.
JLL Capital Markets represented a private developer to secure a three-year, floating-rate construction loan for $11.8 million through Cathay Bank for 6116 Harrison, the company announced Nov. 8, along with representing the borrower to arrange a 10-year, fixed-rate loan through TD Bank of $6.5 million for the refinancing of The Madison.
The JLL Capital Markets Debt Advisory team representing the unnamed borrower was led by Managing Director Matthew Pizzolato, Director Max Custer, Associate Gerard Quinn and Analyst Salvatore Buzzerio.
“Local and regional banks continue to be one of the most liquid parts of the market, and we saw no shortage of interest from them on these two deals,” Pizzolato said in a statement.
TD Bank NA is based in Cherry Hill.
Located within a half mile of each other – at 6116 Harrison Place and 529 61st St., respectively – the communities are 1 mile from the Bergenline Avenue NJ Transit Station, along with the local shops, bars and restaurants located on the city’s “Miracle Mile,” Bergenline Avenue. According to Hudson County, the stretch features more than 300 businesses.
Both communities offer units with hardwood-style flooring, quartz countertops, stainless-steel kitchen appliances and in-unit washers and dryers, in addition to community amenities, including fitness centers and garage parking.
Construction kicked off on 6116 Harrison in the first quarter of 2022 with completion slated for the second half of 2023. The property will offer 48 one- and two-bedroom units with an average size of 847 square feet.
The four-story The Madison, completed in December 2021 and 100% occupied, includes 26 studio, one- and two-bedroom units at an average size of 793 square feet. According to the property’s website, units start at $1,800.
The (other) Madison:
- Montclair’s The Madison Building sells for $18M, Marcus & Millichap says
- Kislak sells Bergen County multifamily portfolio for $19.2M