A new Jersey City residential building that is part of the Journal Square building boom has refinanced this month after launching their leasing operations earlier this year.
JLL Capital Markets recently announced that they have arranged the $18.625 million refinancing of 39 High Street, an 83-unit multi-housing community in Jersey City. JLL represented the borrower, a partnership between Spitzer Enterprises and Titanium Realty Group, to secure the fixed-rate loan through a correspondent life insurance company.
Jersey Digs reported on the project back in 2018 and it took a while to get going. The development finally crossed the finish line in 2023 and the six-story community features market-rate units with studio, one-, two- and three-bedroom layouts.
An 18-space parking garage is featured at the project and the property’s amenity package includes a communal fitness center, children’s playroom, tenant lounge and an expansive rooftop terrace with New York City views.
The JLL Capital Markets Debt Advisory team was led by Matthew Pizzolato, Max Custer and John Cumming.
“Jersey City continues to experience robust renter demand for newly constructed multi-housing properties, and 39 High Street’s luxury unit finishes and building amenities allowed for a very quick absorption period,” added Custer.
Both Spitzer Enterprises and Titanium Realty Group have been active in Journal Square, with the former hard at work completing a tower at 425 Summit Avenue and the latter recently completing their own high-rise down the block at 413 Summit Avenue.