CBRE just secured a $32 million refinancing deal for Jersey City's Art House
CBRE secured a $32 million loan for Jersey City's luxury Art House.
The short version
- The 12-story building sits at 148 First Street in Downtown.
- Nationwide provided the competitive financing for property owner DVORA.
- The 119-unit property is currently 97% leased by renters.
CBRE, the commercial real estate services company, just secured a $32 million permanent loan to refinance Art House, according to ROI-NJ. The 12-story luxury rental building sits at 148 First Street in Downtown Jersey City, just a five-minute walk from the Grove Street PATH station.
Matthew Pizzolato, who works on the New Jersey debt team at CBRE, helped arrange the competitive financing with Nationwide, the insurance and financial services company, on behalf of property owner and operator DVORA. Built in 2014, the 119-unit property is currently 97% leased.
Residents have access to a rooftop swimming pool, a fitness center, coworking spaces, and electric vehicle charging stations. Despite an elevated interest rate environment, lenders are still competing to back well-located multifamily buildings with strong operators. Nationwide recognized the strength of the location and the DVORA brand to provide the winning terms. For anyone holding property in the area, lenders are still writing large checks for prime assets.
