A historic preservation project in the heart of Downtown Jersey City just celebrated a decade of rebirth with a large refinancing deal that should help the century-old property look to the future.
Cushman & Wakefield has arranged $136 million in refinancing for Modera Lofts, a 366-unit multifamily property at 350 Warren Street. The real estate services firm said it served as exclusive advisor to Harrison Street Asset Management, the borrower, on the refinancing, with the loan provided by J.P. Morgan.
Modera Lofts is a reimagining of the former Butler Brothers warehouse, which completed its major renovation in 2016. Jersey Digs extensively profiled the project, which preserved much of the property’s history and was among the first major adaptive-reuse endeavors in the area.
The financing was arranged by Cushman & Wakefield’s Equity, Debt and Structured Finance team, including John Alascio, Alex Hernandez, Chris Moyer, Chuck Kohaut, Alex Lapidus and Meredith Donovan, the firm said.
“Modera Lofts represents a premier, institutional-quality asset in one of Jersey City’s most dynamic and supply-constrained neighborhoods,” Alascio, vice chair at Cushman & Wakefield, said in a statement. “The property’s strong sponsorship, exceptional transit connectivity, and differentiated live-work amenity profile drove significant lender interest. We are pleased to have secured financing with J.P. Morgan that positions the asset for continued long-term success.”
The property includes 366 residences with an industrial-inspired aesthetic featuring exposed brick and premium finishes. Amenities include a fitness center, rooftop deck with a fireplace, an indoor penthouse lounge, 24-hour concierge service, and a pet spa, the announcement said.
Modera Lofts also includes an outpost of CoolVines, more than 13,000 square feet of retail space, and rentable artist studios. The recently opened Washington Creative Center is directly adjacent to the building.
Two parking lots surrounding Modera Lofts are slated for revitalization if all goes according to plan over the next few years. A plan has been unveiled for a 90-story tower across the street from the complex, while LCOR has gained approvals for a 34-story tower at a parking lot just south of the building.
