Tower Management Acquires North Jersey Property
The buyers closed on a loan sourced from Freddie Mac's Optigo network.
Tower Management has completed the $24.2 million acquisition of Hudson Ridge Apartments, a 215-unit multifamily property located in North Bergen, N.J. According to Yardi Matrix, Optimum Management was the previous owner and seller. Tower Management worked with JLL Capital Markets to secure a 10-year, fixed-rate loan through Freddie Mac that was used to purchase the asset.
JLL Real Estate Capital, LLC, a Freddie Mac Optigo Conventional Lender, will service the loan. A JLL Capital Markets Debt Advisory team led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr, Director Gerard Quinn and Senior Analyst Michael Mataras represented the borrower.
According to Didio, Hudson Ridge’s location and affordability lent themselves to the property being a shoo-in for the agency lenders “(It’s) extremely well maintained in an urban infill location in Northern New Jersey with strong affordability metrics,” Didio told Multi-Housing News. “Tower’s experience operating similar product in the surrounding market and affordability metrics made this financing very attractive to the agencies.”
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Hudson Ridge Apartments was built in 1949, and is located at 7112-7312 Boulevard E, which is roughly three miles north of Hoboken, five miles north of Jersey City and three miles to the west of Midtown Manhattan.
Yardi Matrix shows that the property contains a mix of studio, one-and two-bedroom units leased by renters earning an average of 86 percent of the Area Median Income. Unit interiors have hardwood flooring, stainless steel appliances and oversized closets. Community amenities include picnic areas and garage parking. The same source shows that the community was 98.1 percent occupied at time of sale.
Big news in Bergen County
Also in Bergen County, the two-building, 12-story, 500-unit Scholars Village topped out earlier this month. That project is part of, SciTech Scity, a 30-acre research and development campus being developed by Alpine Residential. It includes 4,000 square feet of retail space. It is set to open in 2026.
In February, the developer obtained $142.7 million in financing to develop the project. The financing package includes a construction loan and equity placement. Bank OZK provided the financing, which was arranged by EOS Residential investors.
The development broke ground last year, and is scheduled to come online in 2026. It is taking shape at 225 Phillip St. in the Bergen-Lafayette neighborhood, less than two miles to the south of downtown Jersey City.
