Skylight, PCCP Land $110M Refi for New Jersey Asset
MF1 Capital originated the loan for the recently upgraded property.
A joint venture between Skylight Real Estate Partners and PCCP has secured a $109.5 million refinancing loan for Riello Edgewater, a 226-unit community in Edgewater, N.J.
MF1 Capital provided the three-year, floating-rate loan. JLL Capital Markets arranged the deal on behalf of the ownership.
Skylight Real Estate Partners and PCCP have owned the high-rise since 2022, when Barings sold it for $130 million, according to Yardi Matrix information. At the time, the duo obtained an $88 million acquisition loan originated from JPMorgan Chase, then later assigned to Blackstone Real Estate Debt Strategies.
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Riello Edgewater is a pet-friendly community at 99 Gorge Road, close to multiple retail and restaurant options, as well as to George Washington Bridge and Lincoln Tunnel. Occupying nearly 4 acres on the Hudson River waterfront, the building is 8 miles from Jersey City, N.J., and 16 miles from Newark Liberty International Airport.
The 17-story building came online in 2005. It includes one-, two-, three- and four-bedroom floorplans, as well as a penthouse collection, ranging from 780 to 2,750 square feet. Apartments feature in-unit washers and dryers, private balconies and home office spaces in select layouts.
Riello Edgewater comprises upgraded and redesigned common-area amenities, such as a fitness center, sauna, resident party room, lobby, golf simulator and an outdoor lounge. The property also has a swimming pool with grill stations and cabanas, an entertainment lounge and terrace space, a business center, a bike room and 341 parking spots.
Recent financing moves in New Jersey
Multifamily and commercial loan originations were 30 percent higher year-over-year as of the fourth quarter of 2025, according to a Mortgage Bankers Association report. Last year represented a strong rebound from 2024, with lending volumes increasing across most investor categories. When looking at the dollar volume of loans for multifamily properties, there was a 22 percent increase year-over-year.
A recent origination in New Jersey is Khosla Capital’s $96 million financing for Prospect Place in Hackensack, N.J. CBRE arranged the loan, provided by Freddie Mac. The two-building property includes 360 units and was recently renovated.
