JLL Secures $21M New Jersey Refi
- Aug 13, 2020
JLL Capital Markets has arranged $20.5 million in refinancing for Garabrant, an 80-unit community in Jersey City, N.J. Director Matthew Pizzolato worked on behalf of the borrower, Point Capital Development, to place the 10-year, fixed-rate Freddie Mac loan. The financing will be use to pay down an existing construction loan. In October 2019, Pizzolato secured $117.8 million in financing for a 360-unit multifamily asset in Essex County, N.J.
Built in 2019, Garabrant has a mix of studio, one- and two-bedroom apartments, each equipped with stainless steel appliances and quartz countertops. Common-area amenities include a roof deck, a fitness center, a sauna, bike storage and cooking grills.
Located at 121 Garabrant St., the six-story property is within the historic Bergen-Lafayette neighborhood alongside Interstate 78, some 4 miles from Lower Manhattan. The asset is a short walk from the Liberty State Park station on the Hudson-Bergen Light Rail system, which connects the area to downtown Jersey City. There are several retail options nearby, and the Jersey City Medical Center is less than 1 mile to the northeast.