Micro apartment building in Jersey City draws $25.5M financing

Jessica Perry//May 17, 2022

Micro apartment building in Jersey City draws $25.5M financing

Jessica Perry//May 17, 2022

Nest Micro Apartments in Jersey City.
Nest Micro Apartments in Jersey City. – PROCIDA FUNDING

It shouldn’t come as a surprise that there’s something different about the residences at 190 Academy St. in Jersey City; it’s right there in its name, Nest Micro Apartments.

On May 15, JLL announced it worked on behalf of 190 Academy Urban Renewal LLC, the borrower, to arrange $25.5 million financing for the Journal Square property through Argentic Investment Management LLC.

Matthew Pizzolato, Max Custer, Michael Oliver and Salvatore Buzzerio comprised the JLL Capital Markets Debt and Equity Advisory team that represented the borrower.

“Our client did an excellent job developing this Class A asset,” Pizzolato said in a statement. “Argentic stepped up and offered attractive terms that will allow our client to season and stabilize the property.”

Completed in 2021, Nest Micro Apartments is a six-story collection of 122 custom-designed and fully furnished studio units. The apartments feature transformable furniture, wood-style and tile flooring, and stainless steel appliances.

Procida Funding LLC provided construction financing for the project in 2019, at the time identifying it as the first micro apartment building to come to the Hudson County city. The company announced the payoff of that $18.5 million loan in June 2021, at which point the building was open for leasing and occupancy.

The building includes a fitness center, recreation room, laundry facilities, bike storage and a rooftop terrace with grilling station. On the ground level, there is 1,350 square feet of retail space, which is anchored by eatery Flip Sigi.