39 High St. in Jersey City — Courtesy: JLL
By Joshua Burd
An investment group has snagged nearly $19 million to refinance a newly built, 83-unit apartment building in Jersey City, according to a debt placement team with JLL.
Brokers with the firm represented the borrower, a partnership between Spitzer Enterprises and Titanium Realty Group, to secure the funds in connection with the property at 39 High St. A correspondent life insurance company provided the fixed-rate, $18.625 million loan, JLL said, noting that the building is among the latest additions to the booming Journal Square district.
“There continues to be tremendous interest from the lending community for high-quality and well-located multi-housing properties like 39 High Street,” said JLL’s Matthew Pizzolato, who sourced the transaction alongside Max Custer and John Cumming.
Built in 2023, 39 High St. has a mix of market-rate homes ranging from studio to three-bedroom floorplans, along with an 18-space parking garage, JLL said. Amenities at the six-story property include a communal fitness center, a children’s playroom, a tenant lounge and a rooftop terrace with New York City views.
JLL added that the site is a roughly eight-minute walk from the Journal Square PATH Station, which provides direct access to New York City’s Penn Station, the World Trade Center and Newark Penn Station.
“Jersey City continues to experience robust renter demand for newly constructed multi-housing properties, and 39 High Street’s luxury unit finishes and building amenities allowed for a very quick absorption period,” Custer said.
