Edge Lofts at 1405 Clinton St. and 1405 Adams St. in Hoboken — Courtesy: MHS Architecture
By Joshua Burd
Bijou Properties has sold a two-building, 69-unit luxury apartment portfolio in northern Hoboken, in a newly announced deal by JLL.
Located at 1405 Clinton St. and 1405 Adams St., the properties have floorplans ranging from one to three bedrooms and amenities such as a package room, a private fitness center, a resident lounge and a common terrace with seating and grill areas, according to a news release. Each includes five stories of residential floors over ground-floor parking garages, high-end lobbies and retail space.
JLL senior managing directors Jose Cruz, Steve Simonelli and Michael Oliver, Director Elizabeth DeVesty and Associate Austin Pierce led the team representing Bijou in the sale. Senior managing directors Jim Cadranell and Gregory Nalbandian, Senior Analyst Salvatore Buzzerio and Analyst John Cumming secured a $27 million acquisition loan on behalf of the buyer, an undisclosed institution, through a life insurance company.
“There was no shortage of interest to finance these core multi-housing assets,” Nalbandian said.
“Our client strategically owns several multi-housing assets within the immediate vicinity, making this acquisition a great complement to their strong footprint in Hoboken.
“Our life company correspondent provided a 10-year, interest-only loan at a very attractive rate and allowed the borrower to lock their interest rate on the same day Silicon Valley Bank and Signature Bank went under, never wavering.”
Bijou completed the buildings in 2013 and 2019, respectively, as part of its expansive holdings along Hoboken’s northern and western borders. The properties, which are a block apart, provide residents with quick access to mass transit and to the Holland and Lincoln tunnels.
