231WHK at 231 32nd St. in Weehawken — Courtesy: JLL
By Joshua Burd
A private developer has landed $19 million in financing for a new 60-unit apartment building in Weehawken, under a deal arranged by JLL.
In a news release, the debt placement team said Columbia Bank is providing the five-year, fixed-rate loan in connection with the property at 231 32nd St. The collection of upscale studio, one-bedroom and two-bedroom homes and amenities, known as 231WHK, also includes garages with 70 parking spaces, along with a retail space off Palisade Avenue.
JLL’s Matthew Pizzolato and Gerard Quinn represented the borrower.
“Even with all the market volatility, there was no shortage of interest from the lending community for this luxury multi-housing asset that our client did a tremendous job developing,” Pizzolato said. “Columbia Bank recognized this, and we were able to negotiate a five-year, fixed-rate loan at an attractive interest rate with several years of interest only.”
JLL announced the deal Monday, noting that 231WHK holds a platinum rating on the U.S. Green Building Council’s Leadership in Energy and Environmental Design scale, as well as an Energy Star certification. They also touted a design that features architectural limestone and a glass façade on the exterior, along with amenities such as bike storage, electric car charging, a common room and terrace and a resident gym.
Residents, meantime, are minutes from Midtown Manhattan by car or public transportation and close to a host of offerings in neighboring Hoboken, Jersey City and Union City.
