JLL Capital Markets said Wednesday it arranged $20.5 million in refinancing for Garabrant in Jersey City on behalf of the borrower, Point Capital Development LLC.
The 10-year, fixed-rate conventional loan through Freddie Mac will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo lender. The proceeds will be used to refinance the existing construction loan and pay off the preferred equity in the deal.
Garabrant is located in the historic neighborhood of Bergen-Lafayette. Situated one block from Liberty State Park’s Hudson-Bergen Light Rail station and less than 1 mile from Interstate 78, the property offers residents convenient access to the Hudson Waterfront, lower Manhattan and the greater New York metropolitan area.
Completed in 2019, the six-story property offers a diverse mix of studios, one- and two-bedroom apartments. Units feature stainless steel appliances, quartz countertops, hardwood floors, island kitchens and large closets. Community amenities include a roof deck with views of the Manhattan and Jersey City skylines, a fitness center, sauna, onsite parking, bike storage and cooking grills.
The JLL Capital Markets Debt Placement team representing the borrower was led by Director Matthew Pizzolato. The Point Capital Development, LLC team was led by founder John Fio Rito.