Garabrant at 121 Garabrant St. in Jersey City — Courtesy: JLL
By Joshua Burd
The owner of a new 80-unit apartment building in Jersey City has refinanced the property for $20.5 million, under a transaction arranged by JLL.
Brokers with the firm represented the borrower, Point Capital Development LLC, in securing the loan for the six-story complex at 121 Garabrant St. Freddie Mac is providing the 10-year, fixed-rate conventional loan, which the developer will use to refinance the existing construction loan and pay off the preferred equity in the deal.
“I was excited to assist my client in securing and closing this financing during a challenging capital markets environment,” said Matthew Pizzolato, a director with JLL, who led the debt placement team representing the borrower.
Known as Garabrant, the property is located in Jersey City’s historic Bergen-Lafayette neighborhood and is a block from Hudson-Bergen Light Rail service, JLL said. It’s also less than a mile from Interstate 78 and offers residents easy access to the Hudson waterfront and Lower Manhattan.
The year-old property is home to units ranging from studios to two-bedroom apartments, with amenities such as a roof deck with views of the Manhattan and Jersey City skylines, a fitness center, sauna, on-site parking, bike storage and cooking grills.
“Coming to market for permanent financing on a recently stabilized multifamily project in the midst of a global pandemic had its challenges but JLL stepped in and did an excellent job getting this deal across the finish line,” said John Fio Rito, founder of Point Capital Development.
JLL, a Freddie Mac Optigo lender, will service the loan.