The Capstone at Port Imperial at 17 Avenue at Port Imperial in West New York — Courtesy: CBRE
By Joshua Burd
A partnership led by Veris Residential Inc. has secured a $135 million loan for a new 360-unit luxury apartment building along the Hudson waterfront, in a deal arranged by CBRE.
In a news release, the debt placement team said Veris and a global real estate investment manager are refinancing what’s known as The Capstone at Port Imperial, which recently opened at 17 Avenue at Port Imperial in West New York. U.S. Bank is providing the loan, which ownership will use to complete its lease-up of the apartments and 24,997 square feet of ground-floor retail space.
Michael Sherman, Shawn Rosenthal and Jake Salkovitz of CBRE’s Capital Markets’ Debt and Structured Finance sourced the loan on behalf of the sponsor. Veris, formerly Mack-Cali Realty Corp., developed the property through its Roseland Residential Trust subsidiary.
“The rapid pace of lease-up at The Capstone at Port Imperial illustrates the demand for properties with large units, high-class amenities, an abundance of outdoor space and access to transportation to Manhattan,” Sherman said.
Located with the acclaimed, master-planned Port Imperial neighborhood, The Capstone has units ranging in size from studios to four bedrooms, CBRE said. The property includes amenities such as a rooftop lounge, a pool and fitness facilities, with views of the Hudson River and the Manhattan skyline and a 570-car covered public parking garage.