G.S. Wilcox & Co Secures $85M Loan For Overlook Flats Mixed-Use Property In Jersey City

The transaction involves a 300-unit mixed-use building located at 32 Oakland Avenue in Jersey City. The property was financed with an $85 million loan, secured to refinance Overlook Flats, a LEED-certified building. The asset opened in December 2023 and has quickly achieved high occupancy rates due to its location near the Journal Square PATH Station.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $85,000,000
• Loan Terms: five-year fixed rate, interest-only
• Address: 32 Oakland Avenue
• Market: Jersey City
• Units: 300

The deal was facilitated by brokers Wesley Wilcox, Al Raymond, and Will Gallagher from G.S. Wilcox & Co. This group secured the loan from a correspondent life insurance company for the refinancing effort.