By Joshua Burd
New York Life Real Estate Investors has completed $117 million in financing for a three-year-old, 311-unit luxury apartment tower in Jersey City developed by Roseland Residential Trust.
The lender, an affiliate of New York Life Insurance Co., announced Thursday that it originated the mortgage loan secured by M2 at Marbella. Rising 39 stories at 425 Washington Blvd., the high-end property is connected to another Roseland and Mack-Cali Realty Corp. building known as Marbella Apartments, with which it shares a podium and amenity deck.
New York Life has now provided mortgages for both properties. Last summer, the lender announced $131 million in financing for the 412-unit sister building, which Roseland built in 2004.
“New York Life is pleased to originate another loan with Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation, which is one of the premier owners and developers of office and multifamily properties in the Northeast,” said Keith Duane, director of New York Life Real Estate Investors’ Northeast regional office. “The funding of this loan will allow Roseland to work with the same lender and align the maturity date for M2 and its interconnected sister building, the Marbella Apartments.”