Nest Micro Apartments at 190 Academy St. in Jersey City — Courtesy: JLL
By Joshua Burd
The developer of 122 micro-apartments in Jersey City’s Journal Square has secured a $25.5 million loan for the property, according to brokers with JLL.
The borrower, 190 Academy Urban Renewal LLC, completed the project at 190 Academy St. less than a year ago, offering a collection of fully furnished studios within walking distance of the busy Journal Square PATH station. Argentic Investment Management LLC has now provided financing, with JLL’s Matthew Pizzolato, Max Custer, Michael Oliver and Salvatore Buzzerio securing the debt on the builder’s behalf.
“Our client did an excellent job developing this Class A asset,” Pizzolato said. “Argentic stepped up and offered attractive terms that will allow our client to season and stabilize the property.”
Known as Nest Micro Apartments, the six-story property has transformable furniture, wood-style and tile flooring and stainless-steel appliances in each apartment, JLL said. Community amenities include a fitness center, a recreation room with a pool and ping pong table, a rooftop terrace with a grilling station and other facilities.
Additionally, there is 1,350 square feet of ground-floor retail space that is anchored by Flip Sigi, a Filipino-inspired taqueria.