Roseland Residential Secures $131M for Jersey City Community
New York Life Real Estate Investors arranged the eight-year fixed-rate loan for Marbella Apartments in New Jersey. The 412-unit tower offers access to a spa, a dog run and a full service concierge.
Marbella Apartments
Roseland Residential Trust has secured $131 million in financing for Marbella Apartments, a Class A multifamily community in Jersey City, N.J. New York Life Real Estate Investors arranged the eight-year fixed-rate loan, which is set to replace the $95 million Fannie Mae loan previously originated for the asset in April 2011. That seven-year loan bore an interest rate of 5 percent per annum and was due to end in May 2018, according to Yardi Matrix.
Located at 425 Washington Blvd., the 2004-built Marbella offers 412 studio and one-, two- and three-bedroom units, as well as penthouses. Floorplans range from 538 to 1,529 square feet across the 40-story building. Interior features include hardwood flooring, gourmet kitchens, full-size washer/dryers, carpeting in bedrooms, ceramic tile bathrooms, walk-in closets and balconies in select units. According to Yardi Matrix, the property was 95.4 percent occupied as of May 2018.
Double the amenities
A second property named M2 at Marbella was built in 2016 and shares a leasing office with the original building. Residents of either asset have access to common area amenities including:
- full service concierge
- yoga studio with on-demand fitness
- two fitness centers
- seventh floor terrace
- resort-style pool
- spa
- lounge areas
- barbecue grills
- double-sided fireplace
- outdoor billiards
- two clubrooms
- exclusive Malvasia sky bar and lounge
- children’s indoor playroom
- outdoor catering and meeting space
- private conference rooms
- on-site retail
- outdoor play area
- Wi-Fi in common areas
- dog run
- bike storage
“Marbella represents a very well located, high quality multifamily property on Jersey City’s waterfront with exceptional transportation linkages,” said Keith Duane, director in NYLREI’s Northeast Regional Office and the loan officer for the transaction, in prepared remarks. “The property’s presence and amenity base exemplify Roseland and Mack-Cali’s waterfront and transit oriented focus, while fitting in with New York Life Insurance Co.’s core mortgage loan portfolio.”
In April, Roseland opened Signature Place, a 197-unit luxury community in Morris Plains, N.J. Following an adaptive reuse, the previously vacant office building became Roseland’s first office-to-residential conversion.
Image courtesy of Yardi Matrix
