$25.5M financing arranged for New Jersey multi-housing community
JLL Capital Markets arranged the financing for the 122-unit Nest Micro Apartments in Jersey City
MORRISTOWN, May 16, 2022 – JLL Capital Markets announced today that it has arranged the $25.5 million financing of Nest Micro Apartments, a 122-unit, mid-rise luxury apartment building in the Journal Square neighborhood of Jersey City, New Jersey.
JLL worked on behalf of the borrower, 190 Academy Urban Renewal, LLC, to secure a loan through Argentic Investment Management, LLC.
Completed in July of 2021, Nest Micro Apartments is a six-story building consisting of 122 studios. The custom-designed and fully furnished units feature transformable furniture, wood-style and tile flooring, and stainless-steel appliances. Community amenities include a fitness center, a recreation room with pool/ping pong table, large screen TV, laundry facilities, bike storage and a rooftop terrace with grilling station. Additionally, there is 1,350 square feet of ground floor retail that is anchored by Flip Sigi, a Filipino inspired taqueria.
Located at 190 Academy St., the property is situated in The Journal Square neighborhood, which offers a community-focused mix of working-class residents and is anchored by the Loews Jersey Theatre. The PATH Train System is a seven-minute walk from the property, providing residents a 10-minute ride to World Trade Center and a 22-minute right to midtown Manhattan.
The JLL Capital Markets Debt and Equity Advisory team representing the borrower was Matthew Pizzolato, Max Custer, Michael Oliver and Salvatore Buzzerio.
“Our client did an excellent job developing this Class A asset,” Pizzolato said. “Argentic stepped up and offered attractive terms that will allow our client to season and stabilize the property.”
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.