Esjay Apartments at 104 Bright St. in Jersey City — Courtesy: JLL
By Joshua Burd
The owner of a 40-unit luxury apartment building in Jersey City has secured $13 million in financing, under a newly announced transaction by JLL.
According to the debt placement team, Point Capital Development LLC will use the funds to refinance a construction loan for Esjay Apartments. Nationwide originated the 10-year, fixed-rate financing for the midrise property, which is located at 104 Bright St. in the city’s Van Vorst Park neighborhood.
“Point Capital Development did a tremendous job developing this luxury multi-housing asset and it was evident as they were able to lease up the 40 units in several months with zero concessions in the middle of COVID,” JLL Director Matthew Pizzolato said. “We were able to negotiate attractive terms with one of our correspondent life company relationships that allowed our borrower to lock in a sub-3.00 (percent) interest rate for 10 years.”
Pizzolato led the debt placement team in the deal, noting that Esjay Apartments has one- and two-bedroom units averaging 680 square feet. Amenities at the property include a fitness center, two rooftop terraces with grilling stations, a secure package room and on-site covered parking.
Residents of the building also have quick access to entertainment venues, parks, dining and retailers, according to a news release. Also nearby is the Hudson-Bergen Light Rail, PATH service and Interstate 78.