Solaris Lofts at 65 Maple St. in Jersey City — Courtesy: JLL
By Joshua Burd
The developer of a 72-unit apartment building in Jersey City has refinanced for more than $20 million, in a newly announced transaction by JLL.
The borrower, PERE Holdings, secured the loan less than two years after completing its Solaris Lofts project at 65 Maple St. Freddie Mac is providing the 10-year, floating rate loan, which was brokered by JLL directors Matthew Pizzolato and Thomas E. Didio Jr. and will be serviced by JLL Real Estate Capital LLC.
“PERE Holdings did a tremendous job developing Solaris Lofts into a luxury, Class A asset,” Pizzolato said. “Freddie Mac quickly recognized the quality of the property and the strength of the borrower’s management capabilities as they have been able to maintain occupancy at the property through COVID.”
Completed in 2019, the five-story building offers a mix of studio, one-, two- and three-bedroom apartment and loft units averaging 733 square feet, JLL said. Residents have access to amenities such as a fitness center, a dog park, a resident lounge and a rooftop deck with views of Manhattan, plus features such as electric car charging stations and on-site parking.
The development, which sits within the Bergen-Lafayette neighborhood, is a block from the Hudson-Bergen Light Rail’s Liberty State Park station. It’s also less than one mile from Interstate 78.
“We are excited to finance this beautiful project with extremely attractive floating-rate debt from Freddie Mac,” Digio said. “This transaction is a testament to our strong relationship with Freddie Mac and our intimate knowledge of this pocket of Jersey City. This is the fifth deal we have closed in the Bergen-Lafayette neighborhood section of Jersey City in the last 12 months.”