Hoboken developer closes on $22M multifamily refi’

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JLL Capital Markets arranged $21.65 million in refinancing for The Lexington, a multi-housing community consisting of 50 apartments across two, five-story buildings in Hoboken, NJ.

JLL worked on behalf of the borrower, JDA Group, LLC, to secure the 10-year loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. 

Constructed in 2007, the fully occupied property spans 7th St., between Adams St. and Grand St. with a central courtyard separating the two buildings.

The Lexington consists of nine one-bedroom, 40 two-bedroom and one three-bedroom units, averaging 1,037 square feet per unit. In-unit amenities include modern, open concept floor plans with hardwood floors, stainless steel appliances, granite countertops, bay windows, walk-in closets and the convenience of in-unit washer and dryers.

Community amenities include a fitness center, a 10,000-square-foot central courtyard, that features a tranquility garden, playground, grilling stations, a fire pit, secure building access with intercom, covered parking and storage units.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Director Matthew Pizzolato.

“We were excited to be a part of this transaction and help our client take advantage of these historically low interest rates,” said Pizzolato. “The agencies continue to be the most competitive lender for stabilized multi-housing product, and we were able work with Freddie Mac to lock in a competitive interest rate for 10-years while also achieving full term interest only.”

“JDA Group built a fantastic community back in 2007 that has continued to stand the test of time,” adds Klein. “Freddie Mac quickly recognized the strength of the borrower’s management capabilities and the pride they put into maintaining a Class A community that still has many of its original tenants.”

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