The Lexington at 619 Adams St. in Hoboken — Courtesy: JLL
By Joshua Burd
The owner of a two-building, 50-unit apartment property in Hoboken has secured nearly $22 million in financing, in a transaction arranged by JLL.
The borrower, JDA Group LLC, is the original developer of the 13-year-old asset known as The Lexington, which stretches along 7th Street between Adams and Grand streets. It will use the 10-year, $21.65 million Freddie Mac loan to refinance the property.
“We were excited to be a part of this transaction and help our client take advantage of these historically low interest rates,” said Matthew Pizzolato, a director with JLL’s New Jersey capital markets team. “The agencies continue to be the most competitive lender for stabilized multi-housing product, and we were able work with Freddie Mac to lock in a competitive interest rate for 10 years while also achieving full term interest only.”
Pizzolato represented JDA Group alongside Senior Managing Director Michael Klein, also of JLL, and Charles Wilkes of Murphy Schiller & Wilkes LLP. They noted that The Lexington, which includes a pair of five-story buildings, is 100 percent occupied.
The collection of one-, two- and three-bedroom units includes high-end interior design, with amenities such as a fitness center and a central courtyard with a tranquility garden, playground, grilling stations and a fire pit, along with covered parking.
“JDA Group, LLC made the decision to refinance this property and went through a lengthy interview process choosing JLL for a variety of reasons,” said Gregory Dell’Aquila, JDA Group’s CEO. “We provided parameters required to make the deal work, JLL not only met our expectations but exceeded them.”
JLL Real Estate Capital LLC, a Freddie Mac Optigo lender, will service the loan.
“JDA Group built a fantastic community back in 2007 that has continued to stand the test of time,” Klein said. “Freddie Mac quickly recognized the strength of the borrower’s management capabilities and the pride they put into maintaining a Class A community that still has many of its original tenants.”