JLL Capital Markets has secured $21.65 million in refinancing funding for a multifamily housing community in Hoboken, it announced this week.
The real estate firm said in a news release that it arranged the financing for the Lexington, which includes 50 apartments in two, five-story buildings on 7th Street between Adams Street and Grand Street.
JLL worked on behalf of the borrower, Hoboken-based JDA Group LLC, to secure the 10-year loan through Freddie Mac. JLL Real Estate Capital LLC will service the loan. The team was led by Michael Klein, senior managing director, and Matthew Pizzolato, director.
“JDA Group LLC made the decision to refinance this property and went through a lengthy interview process, choosing JLL for a variety of reasons,” JDA CEO Gregory Dell’Aquila said in a prepared statement. “We provided parameters to make the deal work; JLL not only met our expectations, but exceeded them.”
The Lexington includes nine one-bedroom units, 40 two-bedroom units and one three-bedroom unit, at an average of 1,037 square feet. It is 100% occupied, JLL noted.
“We were excited to be a part of this transaction and help our client take advantage of these historically low interest rates,” Pizzolato said in a statement. “The agencies continue to be the most competitive lender for stabilized multihousing product, and we were able to work with Freddie Mac to lock in a competitive interest rate for 10 years while also achieving full-term interest only.”