Solaia, a new luxury condominium building at 8701 Churchill Road in North Bergen, includes floorplans as large as 1,900 square feet. — Courtesy: Skyline Development Group
By Joshua Burd
The developers of a new luxury condominium building in North Bergen have recapitalized the project’s remaining homes for $63.2 million, a debt placement team announced Monday.
In a news release, JBA Equities and Agile Capital Partners said they arranged the loan for the partnership of Skyline Development Group and Vasco Ventures, sourcing the funds through Invictus Real Estate Partners. The transaction is tied to the 70-unit Solaia condominiums at 8701 Churchill Road, which opened last December.
The joint venture will use the $63.2 million loan to recapitalize the 91,000 square feet of remaining inventory.
“Skyline Development is an expert at developing luxury residential product with best-in-class amenities,” said Chris Pardo, managing partner of Invictus Real Estate Partners. “They have years of experience on New Jersey’s Gold Coast.”
JBA Equities’ Jonathan Aghravi and Eli Terry, together with Agile Capital Partners’ President Noam Katz and colleague Michael Rothstein, arranged the debt. In announcing the deal, they noted that Solaia offers views of the Hudson River and Manhattan skyline, with high-end spa and wellness amenities and floorplans as large as 1,900 square feet.
“The transaction is a testament to Skyline Development’s reputation for building the best product on the market, and the execution prowess of everyone involved,” Katz said.
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