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CBRE Capital Markets’ Debt & Structured Finance team arranged a $135-million loan to refinance The Capstone at Port Imperial in West New York, NJ

Port Imperial Apartments Score $135M Refi

CBRE Capital Markets’ Debt & Structured Finance team arranged a $135-million loan to refinance The Capstone at Port Imperial, a luxury residential tower in West New York, NJ. CBRE arranged the loan on behalf of a global real estate investment manager and Veris Residential, Inc. with financing provided by U.S. Bank.  

The loan will be used to complete multifamily stabilization and the leasing of the 24,997 square feet of ground-floor retail. CBRE’s Michael Sherman, Shawn Rosenthal and Jake Salkovitz facilitated the loan on behalf of the sponsor. 

“The rapid pace of lease up at The Capstone at Port Imperial illustrates the demand for properties with large units, high-class amenities, an abundance of outdoor space, and access to transportation to Manhattan,” said Sherman. 

 Located at 17 Ave. at Port Imperial and delivered in January 2021, the property offers a mix of 360 units, ranging in size from studios to four-bedroom homes. 


Inside The Story

CBRE's Sherman

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 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).

  • ◦Financing
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