Plans for 6116 Harrison, a 48-unit multifamily project at 6116 Harrison Place in West New York, call for a mix of one- and two-bedroom units. — Courtesy: JLL
By Joshua Burd
A private developer has secured construction financing for a 48-unit multifamily project in West New York and a second loan for an existing property in the town, brokers with JLL said.
According to the debt placement team, the deals include a $11.8 million loan in connection with 6116 Harrison, the ground-up project, which will have a mix of one- and two-bedroom units. Cathay Bank provided the three-year, floating-rate financing for the project.
In the second deal, TD Bank provided $6.5 million in permanent refinancing for the Madison, at 529 61st St. The 10-year, fixed-rate loan comes in connection with the 26-unit building, which was completed last December and is a half-mile from the project at 6116 Harrison Place.
JLL’s Matthew Pizzolato, Max Custer, Gerard Quinn and Salvatore Buzzerio represented the borrower, noting that both sites are a mile from the Hudson-Bergen Light Rail’s Bergenline Avenue station and local shops, bars and eateries.
“Local and regional banks continue to be one of the most liquid parts of the market, and we saw no shortage of interest from them on these two deals,” Pizzolato said.
