Real estate firm G.S. Wilcox & Co. announced Aug. 4 that it has secured $85 million in financing for the new apartment building known as Overlook Flats in Jersey City.
The loan, arranged by Partner Wesley Wilcox, Principal Al Raymond, and Associate Will Gallagher, included a five-year fixed rate, interest-only structure with flexible prepayment. A correspondent life insurance company of the firm provided the financing.
The property, which opened in December 2023, includes nearly 300 market-rate residences and 40,000 square feet of commercial space. It is located a half mile from the Journal Square PATH Station, which helped drive lease-up activity in a few months. Rental units range from 459 to 662 square feet and start at $2,875.
The building at 32 Oakland Ave. is LEED-certified and offers amenities such as a fitness center, rooftop pool, and 24-hour concierge service.
“Overlook Flats represents a best in-class product, and it was a pleasure working with the borrower to meet their objectives. This development is a great example of how building with a long-term focus resonates with residents and the lending community alike,” said Partner Wesley Wilcox.
Founded by Gretchen S. Wilcox in 1994, G.S. Wilcox & Co. remains the only female-founded commercial real estate mortgage banking firm in the United States.
