FINANCED
JLL Arranges $27M Loan For Edge Lofts In Hoboken With Silicon Valley Bank And Signature Bank
1405 Clinton Street & 1405 Adams Street
Mixed-use
Financed 183 days ago
Summary
Loan
NEW JERSEY
Mixed-use
Edge Lofts, a mixed-use property with 69 units located at 1405 Clinton Street & 1405 Adams Street in Hoboken, has recently been sold. The luxury multihousing community attracted the attention of an institutional borrower, who secured a $27 million 10-year fixed-rate loan from a life insurance company. This substantial loan will support the continued development and operation of the property.
Summary of Transaction Details
- Property Type: Mixed-use
- Transaction Amount: $27,000,000
- Units: 69
- Market: Hoboken
JLL, represented by brokers Gregory Nalbandian, Jim Cadranell, John Cumming, and Salvatore Buzzerio, played a key role in facilitating this transaction. The team successfully arranged the 10-year fixed-rate loan on behalf of their institutional borrower client. Silicon Valley Bank and Signature Bank provided the funding for this venture, and their involvement demonstrates their confidence in the property and its potential for long-term success.
Players
All
7
Agents
4
Agencies
1
Lenders
2
Details
FINANCED
IMAGE: Jim Cadranell, Gregory Nalbandian, John Cumming & Salvatore Buzzerio
DATE: 10/31/2023
ADDRESS: 1405 Clinton Street & 1405 Adams Street
MARKET: Hoboken
ASSET TYPE: Mixed-use ~ UNITS: 69
LENDER: Silicon Valley Bank (@SiliconValleyBank) & Signature Bank
BROKERS: Gregory Nalbandian, Jim Cadranell, John Cumming & Salvatore Buzzerio (@SalBuzzerio) - JLL (@JLL)
LOAN AMOUNT: $27,000,000
LOAN TERMS: 10-year, interest-only
NOTE: Edge Lofts, a luxury multihousing community in Hoboken, has been sold. JLL has arranged a $27 million 10-year fixed-rate loan for an institutional borrower through a life insurance company.
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Address1405 Clinton Street & 1405 Adams Street
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