One Grove at 215 Grove St. in Jersey City — Rendering courtesy: Cushman & Wakefield
By Joshua Burd
The owner of a new 200-unit luxury apartment building in Jersey City has refinanced the property for $81 million, brokers with Cushman & Wakefield announced Tuesday.
According to a news release, Societe Generale provided a five-year full-term, interest-only loan to Sing Wang of TKK Capital. Proceeds will support the project known as One Grove, at 215 Grove St., which opened last year with floorplans ranging from studios to three-bedroom units and a series of upscale amenities.
Brad Domenico, Frank Stanislaski and Jack Subers of Cushman’s equity, debt and structured finance group advised the borrowers alongside Niko Nicolaou and Ryan Dowd of the firm’s multifamily advisory team. David Froschauer, Paul Cognetti and Carlos Lambarri of Altamira represented Societe Generale in executing the refinancing agreement.
“This transaction highlights both the ongoing demand for well-located, high-quality multifamily properties and the strength of Jersey City’s real estate market,” Domenico said. “Our team was able to leverage our expertise in this sector and market to secure favorable terms for the borrower in a competitive financing environment. The loan ensures continued financial stability and supports the property’s long-term operational objectives as a premier apartment community in Jersey City.”
Designed by MHS Architecture, One Grove has amenities such as a landscaped rooftop terrace, a modern fitness center, coworking space, a resident lounge and a demonstration kitchen. Some 30 percent of the units have private outdoor spaces, C&W said, while the property also offers furnished short-term rental apartments.
Renters, meantime, have access to a parking garage and mass transit options, including the nearby PATH train and the Hudson-Bergen Light Rail.
New 200-unit luxury rental property set to open in downtown Jersey City (SLIDESHOW)
