JLL arranges $20M refinancing of Jersey City apartment property

JLL Capital Markets has arranged the $20.03 million refinancing of an apartment community in Jersey City, it announced this week.

Solaris Lofts, which includes 72 units of studio to three-bedroom apartments averaging 733 square feet, is owned by PERE Holdings. JLL worked on behalf of the borrower to secure a 10-year, floating-rate loan through Freddie Mac. JLL Real Estate Capital LLC will service the loan.

The team representing the borrower was led by Matthew Pizzolato and Thomas E. Didio Jr., directors.

“PERE Holdings did a tremendous job developing Solaris Lofts into a luxury, Class A asset,” Pizzolato said in a prepared statement. “Freddie Mac quickly recognized the quality of the property and the strength of the borrower’s management capabilities, as they have been able to maintain occupancy at the property through COVID.”

The five-story building at 65 Maple St. was completed in 2019 in the Bergen-Lafayette neighborhood.