FINANCED
M&T Realty Capital Arranges $21.5M Refinance Loan For Lumber House Apartments In Jersey City
430 Palisade Avenue - Lumber House Apartments
MultiFamily
22,500 SF
22,500 SF
Financed 1 year ago
Summary
Loan
NEW JERSEY
MultiFamily
22,500 sqft
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.
Players
Details
FINANCED
IMAGE: Donna Falzarano & John Taylor
DATE: 04/27/2022
ADDRESS: 430 Palisade Ave - Lumber House Apartments
MARKET: Jersey City
ASSET TYPE: Multifamily ~ UNITS: 46
LANDLORD: Brian Philipson
BROKERS: Donna Falzarano (@D.Falzarano) & John Taylor - M&T Realty Capital Corporation
LOAN AMOUNT: $21,500,000
LOAN TYPE: Refinance
NOTE FROM BROKER: M&T Realty Capital Corporation®️ has arranged financing in the amount of $21,500,000 secured by Lumber House apartments, a 46-unit, luxury mid-rise apartment community located in Jersey City, NJ. After building completion in September of 2021, Lumber House was fully leased in under 60-days. Lumber House offers an outstanding amenity package and is located adjacent to Riverview Park within walking distance of the 2nd and 9th Street Stations of the Hudson-Bergen Light Rail System.
After a thorough marketing effort, the non-recourse loan was placed through a local bank at a very aggressive interest rate. Strong renter demand, a highly experienced borrower and the transit location were all important considerations for lenders.
The transaction was led by Senior Managing Director John Taylor and Managing Director Donna Falzarano of M&T Realty Capital Corporation’s Florham Park, NJ office, in collaboration with M&T Bank Commercial Senior Relationship Manager Colleen Foy.
M&T Realty Capital Corporation is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial real estate, including multifamily, office, industrial, retail, hospitality, healthcare facilities, and student, senior, and military housing. The firm has a broad network of institutional life insurance company investors as well as numerous relationships with other capital sources including balance sheet lenders, debt funds and CMBS debt providers.View on map
Loading...
Address430 Palisade Avenue - Lumber House Apartments
Comparables
Reset filters to show results.
Contact
Get in touch with the broker you want