A residential complex that helped spark a new wave of development in Jersey City’s Powerhouse Arts District has secured a refinancing deal about a decade after opening.
CBRE announced that it secured a $32 million permanent loan to refinance Art House, a 119-unit multifamily community located at 148 First Street in Downtown Jersey City. Nationwide provided the competitive financing package on behalf of the property owner and operator, DVORA.
The financing was arranged by CBRE’s New Jersey Debt & Structured Finance team of Matthew Pizzolato, Jason Gaccione, Shawn Rosenthal, Josh Stein, Carlos Silva, and Jake Salkovitz.
“We continue to see strong interest from lenders for well-located multifamily properties backed by premier sponsors and operators,” said Pizzolato. “Nationwide recognized the strength of Art House’s location and the DVORA brand and ultimately stepped up to provide the most competitive financing terms.”
Built in 2014, the 12-story property is currently 97% leased. Amenities include a rooftop swimming pool and lounge, a fitness center, a yoga and wellness studio, coworking spaces, a children’s playroom, 24-hour concierge services, bicycle storage, and EV charging stations.
“This successful refinancing serves as a powerful proof point of the strength of the DVORA brand,” added Pizzolato. “Despite a down market and a challenging, elevated interest rate environment, assets managed under the DVORA banner continue to command premium loan terms from top-tier institutional lenders.”
The area around Art House has seen a slew of development in the years since it was completed, including the Arts & Powerhouse retail complex, Modera Lofts, and the impending arrival of the New Jersey Symphony Orchestra theater.
A new 34-story tower is under construction just a few blocks away on Morgan Street, while several other major developments in the area are currently in the planning phases.
