JLL Capital Markets arranged a $20.03-million refinancing for Solaris Lofts, a 72-unit multi-housing community in Jersey City. A team led by directors Matthew Pizzolato and Thomas E. Didio, Jr. worked on behalf of the borrower, PERE Holdings, to secure the 10-year, floating-rate loan through Freddie Mac.
“PERE Holdings did a tremendous job developing Solaris Lofts into a luxury, Class A asset,” said Pizzolato. “Freddie Mac quickly recognized the quality of the property and the strength of the borrower’s management capabilities as they have been able to maintain occupancy at the property through COVID.”
Solaris Lofts is located at 65 Maple St. in the rapidly expanding Bergen-Lafayette neighborhood. Completed in 2019, the five-story building offers a mix of studio, one-, two- and three-bedroom apartment and loft units averaging 733 square feet.
The loan will be serviced by JLL Real Estate Capital.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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