829 Garfield Ave. in Jersey City — Courtesy: Berkadia
By Joshua Burd
TAY Investments has snagged a nearly $36 million loan to refinance a recently opened, 110-unit apartment property in Jersey City, according to a debt placement team with Berkadia.
Located in the city’s Bergen-Lafayette section, the project at 829 Garfield Ave. is fully stabilized after opening in 2022 with a mix of two- and three-bedroom homes, according to a news release. That includes a 10 percent set-aside for affordable housing, while the property is home to a roughly 6,100-square-foot daycare center as part of its 10,100 square feet of ground-floor commercial space.
Berkadia Director Michael Basinski, along with Senior Managing Director Mitch Sinberg, managing directors Scott Wadler, Brad Williamson and Matt Robbins of the firm’s Miami and Boca Raton teams sourced the $35.75 million loan on TAY Investments’ behalf. The Fannie Mae-secured, fixed-rate loan has a five-year term.
“The agencies remain committed to supporting high-quality developments that align with their mission of providing liquidity for affordable workforce housing,” Basinski said. “The sponsor delivered an exceptional property, which enabled us to structure optimal financing.”
Berkadia noted that apartments at 829 Garfield have upscale finishes and appointments, along with private patios and direct views of New York City in some units. Renters are a half-block from the Hudson-Bergen Light Rail’s Garfield Avenue station and minutes from Liberty State Park, among other destinations.
“We are proud to deliver a high-quality building that not only meets the growing demand for affordable housing but also enhances the neighborhood,” said Yuval Shram, CEO of TAY Investments. “Partnering with the agencies is a testament that you can build a sustainable project at affordable rates and demonstrates our commitment to creating lasting value for residents.”
