Overlook Flats at 32 Oakland Ave. in Jersey City — Courtesy: Urban Property Developers
By Joshua Burd
The developer of a new 297-unit apartment building in Jersey City has landed $85 million in financing for the property, in a newly announced deal by G.S. Wilcox & Co.
According to the mortgage banking firm, a correspondent life insurance company provided the loan in connection with the property at 32 Oakland Ave. The financing has a five-year fixed rate and interest-only structure with what G.S. Wilcox described as a very flexible prepayment option, touting the fast lease-up of what’s known as Overlook Flats after it opened in late 2023.
Partner Wesley Wilcox, Principal Al Raymond and Associate Will Gallagher arranged the loan on the developer’s behalf, noting that the building also has 40,000 square feet of commercial space and is less than a 10-minute walk from the Journal Square PATH Station.
“Overlook Flats represents a best in-class product, and it was a pleasure working with the borrower to meet their objectives,” Wilcox said. “This development is a great example of how building with a long-term focus resonates with residents and the lending community alike.”
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