Cushman & Wakefield advised Advance Realty Investors in arranging $72 million of permanent financing for Cobalt Lofts, located at 1200 S. 5th St. in Harrison. The 10-year, fixed-rate loan was provided by AIG.
The refinancing comes just after the developer’s financing and groundbreaking of Phase III, a 399-unit apartment building adjacent to Cobalt Lofts, of the multiphased development within the Riverbend District.
A Cushman & Wakefield Equity, Debt & Structured Finance team led by John Alascio, T.J. Sullivan, Chuck Kohaut and Zachary Smolev represented the borrower.
“Cobalt Lofts is one of the premier assets in the Riverbend District and is well-positioned to be a focal point of the next generation of Harrison,” Alascio said. “Advance has done an incredible job executing its vision to redefine the landscape of Harrison, and Cushman & Wakefield is proud to have been involved with this financing.”
Cobalt Lofts offers residents amenities including smart technology, including a built-in Amazon Echo Dot, pre-wired speakers and a Samsung Smarthings HUB, a fitness center, community working spaces, a private dining and wine tasting room, and a top-floor game room and lounge. It also has a parking garage and electric charging stations.
Located in the Riverbend District of Harrison, a vibrant and fast-growing market just outside New York City, Cobalt Lofts offers affordable luxury rentals at a substantial discount to Manhattan and the Jersey Gold Coast, with unrivaled accessibility to Manhattan and the major counties of northern New Jersey.
The property is immediately adjacent to Red Bull Arena and the newly constructed and expanded Harrison PATH Station, and just minutes from Newark Penn Station, offering easy access to Manhattan and the major counties of northern New Jersey.