Commercial mortgage lender Ease Capital provided Secaucus-based AIRN Management with $32 million in construction takeout financing for the lease-up and stabilization of the Station Apartments, a 10-story, 97-unit multifamily property located in West New York.
“We are excited to provide senior financing to the team at AIRN, who has done a phenomenal job on the construction and lease-up of the Station,” Charlie Oshman, co-founder of Ease Capital, said. “Ease was able to tailor a flexible financing solution to support AIRN’s business plan to pay off their existing construction loan and fully stabilize the asset.”
Ease Capital’s Barclay Lynch, head of loan originations, originated and structured the two-year, full-term, interest-only, non-recourse debt. Mark Elletson of Maidstone Advisors represented the borrower and arranged the financing.
“We are extremely pleased with the performance of the Station and excited about our partnership with Ease Capital,” Rick Budd, CEO of AIRN Management, said. “Ease was able to provide an accretive financing solution that offered the optimal structure for the execution of the next phase of our business plan for this well-positioned property.”
The Station, the premier Class A multifamily rental property in West New York, comprises 97 residential units and one commercial unit. Located just north of Hoboken and Weehawken in the North Hudson County submarket, the Station is situated adjacent to transportation to both Manhattan and Jersey City. The amenity-rich property features a resident lounge with coworking space, a modern fitness center and an expansive rooftop with New York City skyline views.
AIRN Management leased-up the property in under nine months and has achieved 99% occupancy. AIRN Management was further able to attract a fresh chain grocer to anchor the retail of the property, providing another amenity to tenants and long-term stability to investors.
