JLL Capital Markets has arranged a $20.5 million refinancing for Garabrant in Jersey City, New Jersey.
JLL worked on behalf of the borrower, Point Capital Development, LLC, to place the 10-year, fixed-rate conventional loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender.
The proceeds will be used to refinance the existing construction loan and payoff the preferred equity in the deal.
Garabrant is located in the historic neighborhood of Bergen-Lafayette. Situated just one block from Liberty State Park’s Hudson-Bergen Light Rail station and less than one mile from Interstate 78, the property offers its residents convenient access to the Hudson Waterfront, lower Manhattan and the greater New York MSA.
Completed in 2019, the six-story property features a mix of studios, one- and two-bedroom apartments. Community amenities include a roof deck with views of the Manhattan and Jersey City skylines, a fitness center, sauna, onsite parking, bike storage and cooking grills.
The JLL Capital Markets Debt Placement team representing the borrower was led by Director Matthew Pizzolato. The Point Capital Development, LLC team was led by founder, John Fio Rito.
“I was excited to assist my client in securing and closing this financing during a challenging capital markets environment,” stated Pizzolato.
“Coming to market for permanent financing on a recently stabilized multifamily project in the midst of a global pandemic had its challenges but JLL stepped in and did an excellent job getting this deal across the finish line,” added Fio Rito.