New York & Tri-State + New Jersey + Finance | March 23, 2023

NewPoint Provides $154M Financing on Jersey City Apartments

NewPoint Real Estate Capital has provided a $153.6-million Freddie Mac Conventional loan to refinance The One for developer BLDG Management. The One is a 35-story, 451-unit Class A multifamily high-rise located at 110 First St. in Jersey City. NewPoint worked with Carol Shelby and Eric Schleif of Meridian Capital Group, who represented the borrower.

“Despite having to navigate complexities around a PILOT tax abatement program, this transaction proceeded smoothly along our targeted timeline for taking out a maturing loan,” said Ryan Koehler, VP, originations at NewPoint. “We rate locked two weeks after application and closed on the same day as commitment, a result of fantastic coordination between NewPoint, Freddie Mac and the Meridian team.”

The seven-year loan features a 35-year amortization schedule, which Freddie Mac provided given the 65% LTV, affordability elements and strength of the sponsorship. The One has a 10-year PILOT tax abatement program with 10 rent-restricted units.

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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