A prominent complex along the Bergen County portion of the Gold Coast called Riello Edgewater has secured a hefty refinancing deal just four years after being sold.
JLL Capital Markets announced that it has facilitated a $109.5 million refinancing for the property, a 272,191-square-foot Class A high-rise multifamily community located near the Hudson River waterfront. Located at 99 Gorge Road, the complex was first built in 2004 as The St. Moritz before being rebranded to Riello Edgewater in 2016.
JLL represented the sponsors, Skylight Real Estate Partners and PCCP, in arranging the three-year, floating-rate loan through MF1. Skylight and PCCP first purchased the property in 2022 with a $112 million acquisition loan from institutional investors advised by J.P. Morgan Asset Management.
Riello Edgewater spans 226 units and features one-, two-, three-, and four-bedroom floor plans averaging 1,139 square feet, plus luxurious multi-level penthouse suites, with select layouts incorporating dedicated home office space and wraparound balconies that showcase panoramic views of the Manhattan skyline and Hudson River.
The property offers 341 parking spaces and has recently redesigned its common areas, with high-end upgrades to the lobby and corridors, as well as refreshes to its fitness center, sauna, golf simulator, resident party room, and outdoor lounge.
