Modera Lofts at 350 Warren St. in Jersey City — Courtesy: Cushman & Wakefield
By Joshua Burd
The owner of a loft-style luxury apartment building in downtown Jersey City has refinanced the property for $136 million, brokers with Cushman & Wakefield announced Thursday.
According to the debt placement team, J.P. Morgan provided the loan to Harrison Street Asset Management in connection with the 366-unit property at 350 Warren St. Proceeds will support what’s known as Modera Lofts, a converted industrial property that opened to residents in 2016, featuring what Cushman described as industrial-chic homes with exposed brick, high-end finishes and a host of amenities.
John Alascio, Alex Hernandez, Chris Moyer, Chuck Kohaut, Alex Lapidus and Meredith Donovan led the C&W team representing the borrower.
“Modera Lofts represents a premier, institutional-quality asset in one of Jersey City’s most dynamic and supply-constrained neighborhoods,” said Alascio, a vice chair with the firm. “The property’s strong sponsorship, exceptional transit connectivity and differentiated live-work amenity profile drove significant lender interest. We are pleased to have secured financing with J.P. Morgan that positions the asset for continued long-term success.”
Amenities at Modera Lofts include a high-end fitness center, a rooftop deck with a fireplace, an indoor penthouse lounge, 24-hour concierge service and a pet spa. The property also has more than 13,000 square feet of retail space and distinctive rentable artist studios, while residents are just two blocks from the Grove Street PATH station.
The property, part of the popular Powerhouse Arts District, is also positioned near two Hudson-Bergen Light Rail stations and is steps from a major grocery store and the vibrant Newark Avenue retail corridor.
