West New York’s luxury residential tower The Capstone at Port Imperial secured a $135 million refinancing loan.
CBRE announced its Capital Markets’ Debt & Structured Finance team arranged the funding on behalf of a global real estate investment manager and Veris Residential Inc. on Jan. 20.
Financing was provided by U.S. Bank. According to CBRE, the funding will go toward completing multifamily stabilization at the property and the leasing of The Capstone at Port Imperial’s nearly 25,000 square feet of ground-level retail space.
The Capstone at Port Imperial. – ROSELAND RESIDENTIAL TRUST
“The rapid pace of lease up at The Capstone at Port Imperial illustrates the demand for properties with large units, high-class amenities, an abundance of outdoor space, and access to transportation to Manhattan,” said CBRE’s Michael Sherman, who facilitated the loan on behalf of the sponsor along with Shawn Rosenthal and Jake Salkovitz.
The Capstone opened its doors last February with 360 residences, a full suite of amenities and covered public parking.
