Financing worth $19 million was recently arranged for 231WHK, a multi-housing community in Weehawken, New Jersey.
Located at 231 32nd Street, the newly built 60-unit, LEED Platinum and Energy Star certified building features architectural limestone and a glass façade on the exterior. The property contains a mixture of studio, one- and two-bedroom floorplans, plus retail space off Palisades Avenue. There are also two garages with 70 parking spaces, bike storage, electric car charging, a common room and terrace, and a resident gym.
The borrower, a private developer, was represented by JLL Capital Markets with the JLL Capital Markets Debt Advisory team led by Matthew Pizzolato and Gerard Quinn. JLL secured a five-year, fixed-rate loan through Columbia Bank.
“Even with all the market volatility, there was no shortage of interest from the lending community for this luxury multi-housing asset that our client did a tremendous job developing,” said Pizzolato. “Columbia Bank recognized this, and we were able to negotiate a five-year, fixed-rate loan at an attractive interest rate with several years of interest only.”