$20.5M refinancing secured for Garabrant in New Jersey
JLL arranged $20.5 million in refinancing for Point Capital Development, LLC for the six-story property.
MORRISTOWN, NJ – August 12, 2020 – JLL Capital Markets announced today that it has arranged a $20.5 million refinancing for Garabrant in Jersey City, New Jersey.
JLL worked on behalf of the borrower, Point Capital Development, LLC, to place the 10-year, fixed-rate conventional loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. The proceeds will be used to refinance the existing construction loan and payoff the preferred equity in the deal.
Garabrant is located in the historic neighborhood of Bergen-Lafayette. Situated just one block from Liberty State Park’s Hudson-Bergen Light Rail station and less than one mile from Interstate 78, the property offers its residents convenient access to the Hudson Waterfront, lower Manhattan and the greater New York MSA.
Completed in 2019, the six-story property features best-in-class construction and unit design, offering a diverse mix of spacious studios, one- and two-bedroom apartments. Units feature stainless steel appliances, quartz countertops, hardwood floors, island kitchens and large closets. Community amenities include a roof deck with views of the Manhattan and Jersey City skylines, a fitness center, sauna, onsite parking, bike storage and cooking grills.
The JLL Capital Markets Debt Placement team representing the borrower was led by Director Matthew Pizzolato.
The Point Capital Development, LLC team was led by founder, John Fio Rito.
“I was excited to assist my client in securing and closing this financing during a challenging capital markets environment,” stated Pizzolato.
“Coming to market for permanent financing on a recently stabilized multifamily project in the midst of a global pandemic had its challenges but JLL stepped in and did an excellent job getting this deal across the finish line,” stated Fio Rito.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Point Capital Development, LLC
Point Capital Development is a Jersey City based, Veteran Owned Small Business (VOSB) that structures, finances, develops and manages private equity real estate investments in Jersey City, New Jersey. The company currently manages real estate development projects with a value in excess of $100MM, including over 400 residential units.