Cronheim Mortgage recently secured $124.1 million in financing for the Grove Pointe Apartments, a 458-unit residential tower located at 100 Christopher Columbus Drive in Jersey City.
Andrew Stewart, Dev Morris and Allison Villamagna secured the financing on behalf of the Kushner Real Estate Group and National Real Estate Advisors, an investment manager developing and managing large-scale real estate projects on behalf of its clients.
The financing was provided by one of Cronheim’s life insurance company relationships, where Cronheim acts as correspondent and servicer. The loan combines an interest-only period with the balance on a 30-year amortization schedule.
The Grove Pointe Apartments are located within a single 29-story tower complete with 458 residential apartments, 19,765 square feet of ground-level retail and a six-level, 535-space enclosed parking deck. The unit mix consists of 34 studio units, 274 one-bedroom units, and 150 two-bedroom units. Residents enjoy a full suite of amenities including a fitness center, pool, billiards room, lounge and children’s playroom. Built in 2007, the apartments are undergoing renovations as units turn to modernize and continue to keep the property competitive.
Residents of the Grove Pointe Apartments benefit from the property’s immediate proximity to the Grove Street PATH Station, which provides direct access to Lower Manhattan in just eight minutes. While this feature makes the building ideally suited for Jersey City’s vast commuter population, the immediate area surrounding the property is one of Jersey City’s most attractive. Directly to the northwest of the property lies Jersey City’s two-block entertainment district. Closed off to all motor vehicle traffic, this subsection of Newark Avenue is densely packed with restaurants and retail options and serves as one of the primary areas within the city for those seeking a night on the town.
According to Andrew Stewart, “KRE is a conscientious and knowledgeable generational owner operator/developer who utilizes their knowledge of all facets of multifamily construction, land use and property management to offer a best-in-class experience for all who do business with them.”