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The PRC Group Secures $68.5 Million Loan For CityLine East And West Multifamily In Jersey City

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FINANCED
$68,500,000
Kristopher (Kris) Wood
John Banas

New Jersey

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MultiFamily
Financed 01/21/2025
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FINANCED

The PRC Group Secures $68.5 Million Loan For CityLine East And West Multifamily In Jersey City

15 Carbon Place & 33 University Place Boulevard

See Similar Deals
MultiFamily
Financed 01/21/2025
Kristopher (Kris) Wood
John Banas
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

The transaction involves refinancing for two apartment complexes located at 15 Carbon Place and 33 University Place Boulevard in Jersey City. The properties comprise a total of 342 multifamily units and have secured a refinancing amount of $68,500,000.

Summary of transaction details:

NorthMarq played a key role in arranging the refinancing for CityLine East and West, which includes both senior and mezzanine loans for the properties. The fixed interest rates are part of the financial package provided on behalf of the borrower, The PRC Group.

Players

John Banas
NorthMarq
John Banas
6 deals$320.3M volume(215) 803-2244
BROKER
Kristopher (Kris) Wood
NorthMarq
Kristopher Wood
6 deals$320.3M volume(215) 219-8404
BROKER
Walker & Dunlop
Walker & Dunlop
BROKERAGE

Details

FINANCED
IMAGE: Robert Kaye, John Banas & Kris Wood DATE: 01/21/2025 ADDRESS: 15 Carbon Place & 33 University Place Boulevard MARKET: Jersey City ASSET TYPE: Multifamily ~ UNITS: 342 LANDLORD: Robert Kaye - The PRC Group BROKERS: John Banas & Kris Wood - NorthMarq (@NorthMarq) LOAN AMOUNT: $68,500,000 LOAN TYPE: Refinance NOTE: Northmarq arranged $68.5 million in refinancing for CityLine East and West, two apartment complexes in Jersey City totaling 342 units. The financing includes senior and mezzanine loans for both properties, with fixed interest rates, on behalf of borrower The PRC Group.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$68,500,000.00

Monthly NOI$456,666.67
Monthly Debt Service$432,966.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00