M&T Realty Capital Arranges $21.5M Refinance Loan For Lumber House Apartments In Jersey City

The Lumber House apartments, a 46-unit luxury mid-rise apartment community located at 430 Palisade Ave in Jersey City, NJ, has recently secured a refinancing loan of $21,500,000. The loan was arranged by M&T Realty Capital Corporation®️ and placed through a local bank at a very aggressive interest rate. Lumber House, which was completed in September of 2021, achieved full occupancy within just 60 days of its opening, demonstrating strong demand in the rental market. This multifamily asset offers an exceptional amenity package and is conveniently situated adjacent to Riverview Park, as well as within walking distance of the 2nd and 9th Street Stations of the Hudson-Bergen Light Rail System.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $21,500,000
• Address: 430 Palisade Ave, Jersey City
• Market: Jersey City
• Units: 46

The successful refinancing transaction was led by Donna Falzarano and John Taylor of M&T Realty Capital Corporation's Florham Park, NJ office, in collaboration with Colleen Foy, a Senior Relationship Manager at M&T Bank Commercial. M&T Realty Capital Corporation is a reputable mortgage banking company specializing in providing competitive financing nationwide for commercial real estate, including various property types such as multifamily, office, industrial, retail, hospitality, healthcare facilities, and student, senior, and military housing. The firm's extensive network of investors and capital sources allows them to deliver flexible financing solutions tailored to meet the unique needs of their clients.