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Newly Built Jersey City Multifamily Lands $21M Refi
JLL Capital Markets arranged a $20.5-million refinancing for Garabrant in Jersey City. A JLL Capital Markets team led by Matthew Pizzolato worked on behalf of the borrower, Point Capital Development, LLC, to place the 10-year, fixed-rate conventional loan through Freddie Mac.
Loan proceeds will be used to refinance the existing construction loan and pay off the preferred equity in the deal. The loan will be serviced by JLL Real Estate Capital, a Freddie Mac Optigo lender.
A six-story apartment property completed in 2019, Garabrant is located in Jersey City’s historic Bergen-Lafayette neighborhood. Situated one block from Liberty State Park’s Hudson-Bergen Light Rail station and less than a mile from Interstate 78, the property offers convenient access to the Hudson Waterfront, Lower Manhattan and the New York metro area.
“I was excited to assist my client in securing and closing this financing during a challenging capital markets environment,” said Pizzolato.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
