JLL Capital Markets arranges sale, $27M in financing for 69-unit Edge Lofts in Hoboken

Edge Lofts, a two-building, luxury multihousing community located in Hoboken, has just closed on a sale, and $27 million in financing has been secured, according to a Monday announcement from JLL Capital Markets.

JLL represented the seller, Bijou Properties LLC, and procured the undisclosed buyer. Additionally, JLL worked on behalf of an institutional borrower to secure the 10-year, fixed-rate loan through a life insurance company.

Constructed in 2013 and 2019, the two buildings include five stories of residential floors over ground-floor parking garages, state-of-the-art lobbies and retail space. The community features a diverse mix of one-, two- and three-bedroom units with large floor plans averaging 975 square feet, outdoor balconies/terraces in select homes, white oak wood plank flooring, in-unit washers and dryers, stainless steel appliances and Caesarstone kitchen countertops.

Community amenities include a package room, a private fitness center, fully furnished resident lounge with full bar and flat screen TV, a common terrace with seating and grill and Platinum LEED for Homes Certification.

Situated at 1405 Clinton and 1405 Adams St., the two locations are just a block apart. Both properties have convenient access to the New Jersey Transit bus and train systems, the Hoboken PATH Station, the Hoboken Ferry and the Jersey City Transit Station, all providing direct access into Manhattan.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Steve Simonelli and Michael Oliver, Director Elizabeth DeVesty and associate Austin Pierce. Senior Managing Directors Jim Cadranell and Gregory Nalbandian, senior analyst Salvatore Buzzerio and analyst John Cumming led the JLL Capital Markets Debt Advisory team on behalf of the borrower.

“There was no shortage of interest to finance these core multihousing assets. Our client strategically owns several multihousing assets within the immediate vicinity, making this acquisition a great complement to their strong footprint in Hoboken. Our life company correspondent provided a 10-year, interest-only loan at a very attractive rate and allowed the borrower to lock their interest rate on the same day Silicon Valley Bank and Signature Bank went under, never wavering,” Nalbandian said.