US Bank Lends $135M on The Capstone at Port Imperial in West New York, NJ

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Veris Residential has landed a $135 million refinance for The Capstone at Port Imperial, a luxury residential tower in West New York, N.J., Commercial Observer has learned.

U.S. Bank. provided the loan, which will be used to complete the stabilization of the property’s multifamily component and the leasing of the 24,997 square feet of ground-floor retail space.

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CBRE‘s Michael Sherman, Shawn Rosenthal and Jake Salkovitz facilitated the refinance. 

“The rapid pace of lease-up at The Capstone at Port Imperial illustrates the demand for properties with large units, high-class amenities, an abundance of outdoor space and access to transportation to Manhattan,” said Sherman, a senior vice president in CBRE capital markets’ New York office. 

Located at 17 Avenue at Port Imperial, the property is a newly developed luxury residential building with views of the Hudson River and the Manhattan skyline. The property offers 360 units, ranging from studios to four-bedroom homes, with ground-floor retail and a 570-car covered public parking garage. The building also has rooftop lounge, pool, movie center, indoor and outdoor fitness studio and yoga/spin rooms. 

Veris Residential declined to comment. Officials at U.S. Bank did not immediately respond to a request for comment.

Emily Fu can be reached at: efu@commercialobserver.com