Cobalt Lofts at 1200 South 5th St. in Harrison — Courtesy: Advance Realty Investors
By Joshua Burd
Advance Realty Investors has refinanced a recently developed, 280-unit luxury apartment building in Harrison for $72 million, in a deal sourced by Cushman & Wakefield.
According to the debt advisory team, AIG provided the 10-year, fixed-rate loan for what’s known as Cobalt Lofts at 1200 South 5th St. The permanent financing comes just over three years after the developer completed the project within its 35-acre Riverbend District, part of the town’s growing waterfront redevelopment zone.
C&W’s John Alascio, TJ Sullivan, Chuck Kohaut and Zachary Smolev secured the permanent financing on the borrower’s behalf.
“Cobalt Lofts is one of the premier assets in the Riverbend District and is well-positioned to be a focal point of the next generation of Harrison,” Alascio said. “Advance has done an incredible job executing its vision to redefine the landscape of Harrison and Cushman & Wakefield is proud to have been involved with this financing.”
In announcing the deal, C&W noted that it also follows Advance’s recent financing and groundbreaking for its latest phase in the district, a 399-unit apartment building that broke ground last fall. The newest offering will be adjacent to Cobalt Lofts, which is a collection of studio, one-bedroom and two-bedroom apartments and duplex one- and two-bedroom lofts.
Residents at the property also benefit from smart home technology, including a built-in Amazon Echo Dot, prewired speakers and the Samsung SmartThings HUB, according to a news release. Cobalt Lofts is one of the few Amazon co-branded buildings in the country, C&W said, adding that the property is immediately adjacent to the Red Bull Arena and the newly constructed and expanded Harrison PATH Station.
