
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.
- ◦Financing