JLL secures $13M refinancing for Jersey City apartment property

JLL Capital Markets has secured $13 million in refinancing for a residential property in the Van Vorst Park neighborhood of Jersey City.

The property, Esjay Apartments, is a luxury multihousing community with 40 units located at 104 Bright St. The owner, Point Capital Development LLC, secured a 10-year, fixed-rate loan with Nationwide, JLL said in a news release.

“Point Capital Development did a tremendous job developing this luxury multihousing asset, and it was evident as they were able to lease up the 40 units in several months with zero concessions in the middle of COVID,” said JLL Director Matthew Pizzolato, who led the debt team representing the borrower.