MORRISTOWN, NJ — JLL Capital Markets announced that it has arranged the $19 million financing for 231WHK, a newly built 60-unit multi-housing community in Weehawken.
JLL represented a private developer to secure the five-year, fixed-rate loan through Columbia Bank.
231WHK is a LEED Platinum and Energy Star certified building featuring cutting edge architectural limestone and a glass façade on the exterior. It offers a unique unit mix of studio, one- and two-bedroom floorplans, as well as a retail space off Palisades Avenue. Units include real wood veneer cabinetry, stainless steel appliances, in-unit washers and dryers, high efficiency tankless hot water heaters and quiet hydronic-ducted HVAC units. The property offers two garages with 70 parking spaces, bike storage, electric car charging, a common room and terrace and a resident gym.
Located at 231 32nd St., the property offers easy connectivity to midtown Manhattan by car or public transportation. Residents have access to the waterfront in Hoboken, the arts and entertainment in Jersey City and the numerous restaurants in Union City.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Matthew Pizzolato and Gerard Quinn.
“Even with all the market volatility, there was no shortage of interest from the lending community for this luxury multi-housing asset that our client did a tremendous job developing,” said Pizzolato. “Columbia Bank recognized this, and we were able to negotiate a five-year, fixed-rate loan at an attractive interest rate with several years of interest only.”
In a separate transaction, JLL Capital Markets announced today that it has arranged $9.775 million in construction financing for One Mallory, a 44-unit, seven-story luxury multi-housing development at 70 Fisk St. in Jersey City’s West Side.
JLL represented the borrower, 70 Fisk, LLC, to secure the 2.5-year, floating-rate construction loan through Spencer Savings Bank.
With an anticipated completion by the spring of 2024, One Mallory will feature studio, one and two-bedroom units with gourmet kitchens, quartz countertops, subway tile backsplashes, wood plank-style flooring, in-unit washers and dryers, stylish tiled bathrooms, stainless steel appliances and private terraces in select units. The building will offer state-of-the-art community amenities, including an 1,800 s/f rooftop deck with lounge seating and scenic city views, a modern fitness center, an oversized resident lounge with televisions and a wet bar, a secure package room, electric car charging stations, bike storage and covered parking for 22 vehicles.
Situated at 70 Fisk St., the property benefits from its exceptional access to the area’s strong transportation network. The Hudson-Bergen Light Rail West Side Avenue station is just two blocks from the property, which provides service to commuters along the waterfront and transfers into NYC
The JLL Capital Markets Debt Advisory team representing the borrower was led by director Max Custer and senior director Thomas E. Didio, Jr.
“Jersey City’s West Side has shown exciting momentum over the last 24 months or so with several new projects breaking ground or being completed,” said Custer. “One Mallory will undoubtedly be a fantastic addition to this quickly evolving neighborhood.”
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