Manhattan based Margules Properties Inc. has refinanced a Jersey City apartment building with a $12.1 million loan.
ECB Capital Group arranged the cash out first position loan to refinance 60-64 Sip Avenue, a four-story mixed use property with 64 apartments and six retail stores.
Margules purchased the property in 2012 for $9.6 million and has carried out major renovations and turnover of multiple units, according to ECB Capital Group’s Eli Breiner, who arranged the five-year loan with Customer Bank.
The 50,000 s/f property at 60-64 Sip is situated along the northern side of Sip Avenue, between Summit Avenue and Jones Street within one block of the Journal Square PATH Station. The entire neighborhood is experiencing growth as new development of the first of the Journal Squared Towers and other residential buildings near completion.
Margules owns some 14 buildings plus more than one million square feet of development rights in Jersey City.