Aker JV Buys Brookfield’s Stake in Jersey City Asset
A $420 million loan will finance this deal.
A joint venture between Aker Holdings and G&S Investors is set to acquire Brookfield Properties’ 50 percent interest stake in VYV Apartments North and South, an 853-unit property in Jersey City, N.J., according to Fitch Ratings. A $420 million, five-year loan will finance this deal, expected to close on September 1.
Wells Fargo Bank and JPMorgan Chase Bank will co-originate the fixed-rate, interest-only note. Deutsche Bank National Trust Co. will serve as trustee, Trimont as servicer and BSP Special Servicer as special servicer.
Loan proceeds, along with an additional $150 million in sponsor equity, will fund the repayment of $355 million in existing debt and the acquisition of Brookfield’s stake. Approximately $10 million will constitute transaction-related closing costs.
Brookfield and G&S Investors previously owned the two-building community. The 36-story high-rises came online in two phases, in 2017 and 2020, as part of the 18-acre Hudson Exchange campus. The two companies are also behind the larger project’s master plan, which will comprise 6 million square feet of development, including about 5,500 apartments, at full build-out.
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Located at 444 and 474 Warren St. within the city’s downtown, VYV is adjacent to the Newport Center mall and close to Interstate 78, which connects it with Lower Manhattan, some 3 miles away. Newark Liberty International Airport is 10 miles away.
Two Jersey City high-rises
The two buildings comprise studio, one- and two-bedroom floorplans ranging from 528 to 1,368 square feet, as well as about 24,600 square feet of retail space. Select layouts have private balconies or patios. A total of 170 units are designed as low-income housing.
Shared amenities include a swimming pool and hot tub, coworking area, pet spa, game room and media lounge and outdoor grilling area. The property also has a conference room, multiple children’s areas and two fitness centers.
