Riello Edgewater at 99 Gorge Road in Edgewater — Courtesy: JLL
By Joshua Burd
The owners of a 226-unit luxury apartment tower in Edgewater have refinanced the property for nearly $110 million, brokers with JLL announced Friday.
According to a news release, MF1 provided the three-year, floating-rate loan in connection with what’s known as Riello Edgewater at 99 Gorge Road. JLL sourced the $109.5 million transaction on behalf of the borrowers, Skylight Real Estate Partners and PCCP.
The deal comes four years after the joint venture purchased the 272,191-square-foot high-rise along the Hudson River, which serves the growing pool of renters seeking larger and higher-quality units, while still having access to New York City. JLL noted that Riello Edgewater is minutes from both the George Washington Bridge and Lincoln Tunnel, while residents have quick access to multiple forms of mass transit into Manhattan.
Floorplans at the building range from one to four bedrooms with an average unit size of 1,139 square feet, while also including upscale multilevel penthouse suites. Some layouts incorporate dedicated home office space and wraparound balconies showcasing panoramic views of the Manhattan skyline and Hudson River, JLL said, adding that the property has 341 parking spaces and recently redesigned common areas with upgrades to the lobby, corridors, fitness center, sauna, golf simulator, resident party room and outdoor lounge.
The brokerage team added that Edgewater has successfully transitioned from its industrial past into a premier residential community along New Jersey’s Gold Coast, offering high-end retail and waterfront dining opportunities alongside its luxury residential offerings.
Investors strike again in Edgewater, acquiring 226-unit apartment tower for $130 million
