JP Morgan Chase Provides $136M Refi for Modera Lofts in Jersey City

Harrison Street Asset Management has secured $136 million to refinance Modera Lofts, a 366-unit luxury apartment complex in Jersey City, N.J., Commercial Observer can first report. 

J.P. Morgan Chase provided the debt, while the Cushman & Wakefield equity, debt and structured finance team of John Alascio, Alex Hernandez, Chris Moyer, Chuck Kohaut, Alex Lapidus and Meredith Donovan arranged the transaction, according to a release.  

In a statement, Cushman’s Alascio said that the property secured lender interest from its experienced sponsorship, a transit-friendly location, and a live-work amenity package. 

“Modera Lofts represents a premier, institutional-quality asset in one of Jersey City’s most dynamic and supply-constrained neighborhoods,” he added. 

Located at 350 Warren Street in Jersey City — a city of 300,000 residents just across from Manhattan along the Hudson River — Modera Lofts opened in 2016 after developers converted the 110-year-old former Butler Brothers warehouse into a luxury multifamily property. 

Modera Lofts features a fitness center, a resident lounge, a pet spa, and more than 13,000 square feet of retail space. The asset sits two blocks from the Grove Street PATH station, which provides immediate access to New York City, and is also near two Hudson-Bergen light rail stations. 

Harrison Street Asset Management did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com.