Spitzer Enterprises And Arden Group Secure $109.5 Million Loan For 425 Summit Multifamily Tower

The asset involved in the context is a multifamily property located at 425 Summit Avenue, Jersey City, NJ, comprising a total of 390 units. The property has undergone significant stabilization, reaching an occupancy rate of 98%, with permanent financing amounting to $109,500,000 from Northwestern Mutual.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $109,500,000
• Units: 390
• Lender: Northwestern Mutual
• Landlord: Craig A. Spencer - Arden Group; Eliot Spitzer - Spitzer Enterprises
• Brokers: Matthew Pizzolato, Jason Gaccione, Jake Salkovitz, Shawn Rosenthal, Josh Stein & Carlos Silva - CBRE

A joint venture has been established between Spitzer Enterprises and Arden Group, aimed at securing financing to refinance the construction debt of the property. The loan was arranged by CBRE, indicating a collaborative effort between key players in the real estate financing domain.