NewPoint Refis Jersey City Resi Tower With $154M Loan
By Andrew Coen March 21, 2023 10:52 am
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Bldg Management has nabbed a $153.6 million debt package to refinance a residential tower in Jersey City, Commercial Observer can first report.
NewPoint Real Estate Capital supplied the seven-year Freddie Mac (FMCC)-backed loan for Bldg Management’s 451-unit The One property that it first developed in 2015. The property has a 10-year payments in lieu of taxes (PILOT) program.
Meridian Capital Group’s Carol Shelby and Eric Schleif arranged the transaction. The loan features a 35-year amortization schedule provided by Freddie Mac due to the deal having a 65 percent loan-to-value ratio along with an affordable housing component with 10 rent-restricted units, according to Meridian.
“Despite having to navigate complexities around a PILOT tax abatement program, this transaction proceeded smoothly along our targeted timeline for taking out a maturing loan,” Ryan Koehler, vice president, originations at NewPoint, said in a statement. “We rate-locked two weeks after application and closed on the same day as commitment.”
Located at 110 First Street near Jersey City’s waterfront, The One was more than 98 percent occupied at the time of the deal’s closing, according to Meridian. The property’s amenities include a rooftop deck with pool, attached parking, a concierge, a fitness center, a children’s playroom, a theater room, a golf simulator, a game room, a barbecue area and an outdoor dog park. The ground floor also features five retail spaces including a private school serving grades kindergarten through eighth grade.
“Having previously negotiated financing for this well-performing asset on behalf of Bldg Management, we were well versed in its history and are pleased to have partnered with NewPoint and Freddie Mac to deliver an attractive solution that supports Bldg Management’s business plan,” Shelby said in a statement.
Officials at Bldg Management did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
