JLL Capital Markets, a provider of capital solutions for real estate investors and occupiers, announced on Wednesday it has arranged a $20.5 million refinancing for Garabrant, a multihousing property in the Lafayette neighborhood of Jersey City.
JLL’s Debt Placement team, led by Matthew Pizzolato, director, worked on behalf of the borrower, Point Capital Development and its team, led by Founder John Fio Rito, to place a 10-year, fixed-rate loan through Freddie Mac. Proceeds will be used to refinance an existing construction loan and payoff equity.
Completed in 2019, the six-story property offers a mix of studios, one- and two-bedroom units. Apartments feature stainless steel appliances, hardwood floors, large closets and more. Community amenities include a roof deck, a fitness center, a sauna, on-site parking, bike storage and cooking grills.
The property is located one block from the Hudson-Bergen Light Rail station and is less than a mile from Interstate 78.
“I was excited to assist my client in securing and closing this financing during a challenging capital markets environment,” Pizzolato said.
“Coming to market for permanent financing on a recently stabilized multifamily project in the midst of a global pandemic had its challenges but JLL stepped in and did an excellent job getting this deal across the finish line,” Fio Rito said.