Solaris Lofts in Jersey City refinanced with $20.03M agency loan

MORRISTOWN, N.J., Jan. 26, 2021 – JLL Capital Markets announced today that it has arranged a $20.03 million refinancing for Solaris Lofts, a 72-unit multi-housing community in Jersey City, New Jersey.

JLL worked on behalf of the borrower, PERE Holdings, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Solaris Lofts is located at 65 Maple St. in the rapidly expanding Bergen-Lafayette neighborhood of Jersey City. The transit-oriented community is just one block from the Liberty States Park’s Hudson-Bergen Light Rail station, providing access to PATH and ferry lines. Additionally, the property is less than one mile from Interstate 78, which provides access to the greater New York/Tri-State area, the Hudson Waterfront and Manhattan.

Completed in 2019, the five-story building offers a mix of studio, one-, two- and three-bedroom apartment and loft units averaging 733 square feet. Units feature 9’ ceilings, exposed concrete walls and ceilings and casement loft windows. Residents have access to community amenities, including electric car charging stations, commuter bicycles, fitness center, dog run/park, resident lounge, on-site parking a and a rooftop deck with views of Manhattan. Additionally, the property offers ground floor retail and rooftop solar panels.

The JLL Capital Markets team representing the borrower was led by Directors Matthew Pizzolato and Thomas E. Didio, Jr.

“PERE Holdings did a tremendous job developing Solaris Lofts into a luxury, Class A asset,” Pizzolato said. “Freddie Mac quickly recognized the quality of the property and the strength of the borrowers management capabilities as they have been able to maintain occupancy at the property through COVID.”

Didio Jr. continues, “We are excited to finance this beautiful project with extremely attractive floating-rate debt from Freddie Mac. This transaction is a testament to our strong relationship with Freddie Mac and our intimate knowledge of this pocket of Jersey City. This is the fifth deal we have closed in the Bergen-Lafayette neighborhood section of Jersey City in the last 12 months.”

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 sales 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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