FIAT House at 2100 North Central Road in Fort Lee — Courtesy: Cushman & Wakefield
By Joshua Burd
The developer of the distinctive FIAT House project in Fort Lee has closed on more than $85 million in financing for the 309-unit property, according to brokers with Cushman & Wakefield.
In a news release, the debt placement team said Greystone provided the 10-year Fannie Mae loan in connection with the asset at 2100 North Central Road. The deal allows ownership to refinance the two-building project after it opened this year as the world’s first FIAT-branded residential community, with a design that draws on the automaker’s Italian influence and an important rideshare program that uses an on-site fleet of FIAT 500e models.
Cushman’s John Alascio, Chuck Kohaut and Chris Meloni advised the owner, while Greystone’s Judah Rosenberg, Triloki Kaushal, Zane Teslik and Jack Hudak originated the $85.464 million loan.
“FIAT House represents a forward-thinking approach to modern urban living, combining world-class design, sustainability and connectivity just minutes from Manhattan,” said Kohaut, a managing director at Cushman. “Our client’s vision and commitment to quality created a highly sought-after asset that drew competitive interest from the lending community. We’re thrilled to have delivered an exceptional outcome through a seamless execution with Greystone and Fannie Mae.”
Developed by UNLMTD Real Estate, FIAT House offers direct access to New York City in under five minutes via the George Washington Bridge and is walking distance from Fort Lee’s Main Street with more than 150 dining and retail options, according to a news release. The property’s two 12- and 13-story towers are connected by a shared courtyard and more than 30,000 square feet of amenities, including the 500 Lounge, a golf simulator and cinema room, a landscaped rooftop deck with cabanas and fire pits, a library, a gym, coworking areas and private offices.
C&W added that the buildings sit within Bergen County, one of the tightest multifamily markets in northern New Jersey, where vacancy rates remain below 4 percent amid sustained rent growth and limited new supply.
FIAT House, rental project with distinctive EV car-sharing program, opens in Fort Lee
