Veris Secures $135M Refi for NJ Apartments

The Capstone at Port Imperial

Veris Residential and a global real estate investment manager have obtained a $135 million loan to refinance The Capstone at Port Imperial in West New York, N.J. CBRE Capital Markets arranged the refinancing through U.S. Bank.

The 360-unit The Capstone at Port Imperial, located at 17 Avenue at Port Imperial, offers studio, one-, two-, three- and four-bedroom units, ranging from 438 square feet to 1,760 square feet. Apartment amenities include a washer/dryer and microwave oven, digital locks and a private balcony/patio in select units. Veris began renting units at the building in February 2021 following completion of construction.

READ ALSO: The Story of Port Imperial, a Gem on New Jersey’s Gold Coast

Resident amenities include controlled access, a ninth floor indoor and outdoor lounge with a sundeck, a 33,000-square-foot outdoor amenity deck with a two-level pool and spa, fireplace, barbeque grilling stations, outdoor billiards, foosball tables, outdoor theater, private cabanas, bocce court, children’s play area and a dog run. The building’s 3,000-square-foot fitness suite features Technogym equipment, yoga, fitness on demand, a spin studio and a dedicated outdoor fitness area on the deck.

The Capstone at Port Imperial has 24,997 square feet of ground-floor retail. A 570-car public parking garage is available to residents.

The property is part of the 200-acre Port Imperial project developed on the west side of the Hudson River. Residents at The Capstone at Port Imperial have access to the Hudson-Bergen Light Rail service to Gold Coast cities such as Hoboken and Jersey City and ferry service to the West Side and Lower Manhattan.

The refinancing was arranged by Michael Sherman, Shawn Rosenthal and Jake Salkovitz with CBRE. According to a release, the loan will assist Veris in completing the multifamily stabilization of the property, and the lease up of its ground-floor retail.

The Capstone at Port Imperial is the latest multifamily project that Veris has developed in the Port Imperial area. Last May, the firm began leasing apartments at its 365-unit RiverHouse 9, located at 900 Avenue at Port Imperial in Weehawken.