And affiliate of China Construction America (CCA), the American subsidiary of China State Construction and Engineering Company (CSCEC), one of the largest investment and construction companies in the world, has secured a $20 million affordable housing loan for its luxury Solaris Lofts development in Jersey City.
JLL brokered the loan on behalf of a borrower identified as PERE Holdings through Freddie Mac. The real estate services company will service the 10-year floating rate loan as an approved Freddie Mac Optigo lender. Optigo servicers work with Freddie Mac work to support the financing of affordable rental housing, according to Freddie Mac’s website.
Located at 65 Maple Street, aka 65 Monitor Street, Solaris Lofts is a five-story “luxury, Class A asset,” according to JLL. It has a 60-kilowatt solar farm that generates most of the building’s annual electricity needs and features “a myriad of additional amenities that put the environment first but don’t sacrifice style or luxury,” according to local blog Jersey Digs.
Units feature 9 ft. ceilings, exposed concrete walls and ceilings and casement loft windows. Amenities include electric car charging stations, fitness center, lounge and rooftop deck with views of Manhattan. Additionally, the property offers ground floor retail.
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 borrower’s management capabilities as they have been able to maintain occupancy at the property through COVID.”
In 2019, an entity called Monitor Maple Urban Renewal, LLC, signed an affordable housing agreement with the City of Jersey after acquiring the site for Solaris Lofts for $1 in a tax lien sale. Phillip Gesue signed the agreement as Managing Member of Monitor Maple Urban Renewal, LLC, whose address is a private residence in Manhattan.
Phillip Gesue is the Chief Development Officer at Strategic Capital, which is the New York-based investment arm of China Construction America (CCA).
Under the terms of the affordable housing agreement, the property’s owner is required to maintain three of the 72 units at the building as affordable for 30 years and create an “Affirmative Marketing Plan” for them.
According to Solaris Lofts website, rents in the building start at $1,650 per month.