$19 million in financing secured for New Jersey multihousing community

JLL Capital Markets completed the financing for the 60-unit 231WHK in Weehawken, New Jersey

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231WHK
JLL arranged the $19 million financing for 231WHK, a newly built 60-unit multihousing community in Weehawken, New Jersey.

JLL Capital Markets announced that it has arranged the $19 million financing for 231WHK, a newly built 60-unit multihousing community in Weehawken, New Jersey.

JLL represented a private developer to secure the five-year, fixed-rate loan through Columbia Bank.

231WHK is a LEED Platinum and Energy Star certified building featuring cutting edge architectural limestone and a glass façade on the exterior. It offers a unique unit mix of studio, one- and two-bedroom floorplans, as well as a retail space off Palisades Avenue. Units include real wood veneer cabinetry, stainless steel appliances, in-unit washers and dryers, high efficiency tankless hot water heaters and quiet hydronic-ducted HVAC units. The property offers two garages with 70 parking spaces, bike storage, electric car charging, a common room and terrace and a resident gym.

Located at 231 32nd St., the property offers easy connectivity to midtown Manhattan by car or public transportation. Residents have access to the waterfront in Hoboken, the arts and entertainment in Jersey City and the numerous restaurants in Union City.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Matthew Pizzolato and Gerard Quinn.

“Even with all the market volatility, there was no shortage of interest from the lending community for this luxury multi-housing asset that our client did a tremendous job developing,” said Pizzolato. “Columbia Bank recognized this, and we were able to negotiate a five-year, fixed-rate loan at an attractive interest rate with several years of interest only.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.