New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Pearlmark Closes Refi of Elizabeth Apartments
Pearlmark closed on a $10-million mezzanine debt investment to refinance Vinty Apartments in Elizabeth, NJ. The five-story, 267-unit multifamily property also has approximately 32,000 square feet of ground-floor commercial space.
The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. An entity managed by Argentic provided the senior loan. JLL’s Michael Klein and Steven Klein represented LeCesse Development Corporation and MAS Development Group in the recapitalization.
The property is adjacent to the Elizabeth train station, providing convenient access to New York City’s Penn Station. Vinty Apartments is located in an Opportunity Zone and is the first part of a four-phase development project.
Phase I construction has been completed and the apartments are currently 85% leased with the commercial space 68% leased. Sponsorship plans to lease up the remaining multifamily units and the remaining commercial space before developing the three additional sites.
- ◦Financing
