By Joshua Burd
Roseland Residential Trust has landed a $131 million mortgage loan from New York Life Real Estate Investors in connection with a 412-unit apartment tower in Jersey City.
The lender, a division of New York Life Insurance Co., announced Monday that it has originated the eight-year fixed-rate loan against Marbella, a 40-story building on Washington Street. The news comes after Roseland’s parent company, Mack-Cali Realty Corp., said last week that the developer has agreed to acquire Prudential Financial’s majority interest in the tower.
Roseland originally developed Marbella in 2004. The developer also recently opened M2, an adjacent sister property along the Hudson River waterfront.
“Marbella represents a very well located, high quality multifamily property on Jersey City’s waterfront with exceptional transportation linkages,” said Keith Duane, director in NYLREI’s Northeast Regional Office, the loan officer for the transaction. “The property’s presence and amenity base exemplify Roseland and Mack-Cali’s waterfront and transit-oriented focus, while fitting in with New York Life Insurance Company’s core mortgage loan portfolio.”
