Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $35.75 million loan to refinance 829 Garfield, a 110-unit multifamily property with ground floor retail in Jersey City, New Jersey.
Director Michael Basinski, along with Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson and Matt Robbins of Berkadia Miami and Boca Raton secured the financing on behalf of the sponsor, Tay Investments, a private equity real estate firm led by Yuval Shram with investments in North America and Europe.
“The agencies remain committed to supporting high-quality developments that align with their mission of providing liquidity for affordable workforce housing. The Sponsor delivered an exceptional property, which enabled us to structure optimal financing,” explained Basinski.
Built in 2022 at 829 Garfield Avenue, the property is a fully stabilized multifamily community featuring a mix of market-rate and 10% affordable apartments, along with 10,100 square feet of ground floor commercial space. A daycare center occupies approximately 6,100 square feet. 829 Garfield offers two- and three-bedroom floor plans with stainless steel appliances and quartz countertops in kitchens, radiant heated flooring in the bathrooms, walk-in closets, LED lighting, multi-zone heating & cooling units, private patios and expansive windows with direct views of New York City in some units.
“We are proud to deliver a high-quality building that not only meets the growing demand for affordable housing but also enhances the neighborhood. Partnering with the agencies is a testament that you can build a sustainable project at affordable rates and demonstrates our commitment to creating lasting value for residents,” said Yuval Shram.
829 Garfield is centrally located in the heart of Bergen-Lafayette, a half block from the Garfield Avenue Light Rail Station, a quick bike ride to Liberty State Park and just minutes from express transportation directly into New York City. The property is situated near the area’s key demand drivers, including the Liberty Science Center, Liberty National Golf Club, Ellis Island Immigration Museum, Downtown Jersey City, and New York City, along with Newark International Airport.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
