KeyBank Secures $54.9M Refinance Loan For Grandview Terrace Apartments In Jersey City

The Grandview Terrace Apartments, a 283-unit affordable multifamily property located at 222 Saint Paul's Avenue in Jersey City, was refinanced with a loan amount of $54,900,000. The loan, provided by KeyBank, has a 35-year fully amortizing term. The property benefits from a HUD Section 223(f) loan and project-based vouchers from the Jersey City Housing Authority.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $54,900,000
• Landlord: Jason Bordainick - Hudson Valley Property Group
• Broker: Leslie Meyers - KeyBank Real Estate Capital
• Address: 222 Saint Paul's Avenue
• Market: Jersey City

Jason Bordainick of Hudson Valley Property Group and Leslie Meyers of KeyBank Real Estate Capital were instrumental in securing the refinancing deal for the Grandview Terrace Apartments. The property, situated in Journal Square, stands to benefit from the long-term financing arrangement made possible by this transaction.