M&T Realty Capital Arranges $22M Finance for Luxury Jersey City Apartments
M&T Realty Capital Corporation has arranged financing of $21.5 million secured by Lumber House, a 46-unit, luxury mid-rise apartment community in Jersey City.
After building completion in September of 2021, Lumber House was fully leased in under 60 days. Lumber House offers an “outstanding amenity package and is located adjacent to Riverview Park within walking distance of the 2nd and 9th Street Stations of the Hudson-Bergen Light Rail System,” M&T Realty Capital said.
After a marketing effort, the non-recourse loan was placed through a local bank at a very “aggressive” interest rate. Strong renter demand, a highly experienced borrower and the transit location were all important considerations for lenders.
The transaction was led by senior managing director John Taylor and managing director Donna Falzarano of M&T Realty Capital’s Florham Park, NJ office, in collaboration with M&T Bank Commercial senior relationship manager Colleen Foy.
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