Cushman & Wakefield said it has arranged $136 million in refinancing for Modera Lofts, a 366-unit multifamily property in downtown Jersey City, in a transaction that underscores continued lender interest in well-located Hudson County rental assets.
The real estate services firm said it served as exclusive advisor to Harrison Street Asset Management, the borrower, on the refinancing for the property at 350 Warren St. The loan was provided by J.P. Morgan, according to the announcement.
The financing was arranged by Cushman & Wakefield’s Equity, Debt and Structured Finance team, including John Alascio, Alex Hernandez, Chris Moyer, Chuck Kohaut, Alex Lapidus and Meredith Donovan, the firm said.
“Modera Lofts represents a premier, institutional-quality asset in one of Jersey City’s most dynamic and supply-constrained neighborhoods,” Alascio, vice chair at Cushman & Wakefield, said in a statement. “The property’s strong sponsorship, exceptional transit connectivity and differentiated live-work amenity profile drove significant lender interest. We are pleased to have secured financing with J.P. Morgan that positions the asset for continued long-term success.”
Completed in 2016, Modera Lofts is a Fitwel-certified community located in the Powerhouse Arts District area of downtown Jersey City, according to Cushman & Wakefield.
The property includes residences described by the firm as having an industrial-inspired aesthetic, with exposed brick and premium finishes. Amenities include a fitness center, rooftop deck with a fireplace, an indoor penthouse lounge, 24-hour concierge service and a pet spa, the announcement said.
Cushman & Wakefield also noted the property includes more than 13,000 square feet of retail space, along with rentable artist studios.
The firm pointed to transit access as a key characteristic of the location. Modera Lofts is two blocks from the Grove Street PATH station, providing service to Manhattan and Hoboken, and is also near two Hudson-Bergen Light Rail stations, according to the announcement. The property is also positioned near a grocery store and the Newark Avenue retail corridor.
