A partnership between Spitzer Enterprises and Titanium Realty Group has landed $18.6 million in refinancing for 39 High Street, an 83-unit luxury community in Jersey City, N.J. Delaware Life Insurance Co. provided the fixed-rate loan, according to public records, while a JLL team represented the borrower.
In 2020, the developer obtained a $20 million construction loan from BMO Bank, Yardi Matrix data shows. Construction on the property started one year later.
Completed earlier this year, the building rises six stories with studio, one-, two- and three-bedroom floorplans. Apartments feature washers and dryers, along with private balconies or patios in select units.
Common-area amenities at the 0.4-acre property consist of a tenant lounge, fitness center, roof terrace, bike room and 18 parking spaces. In addition, residents also have access to a clubhouse and a children’s playroom.
The transit-oriented community is at 39 High St., close to several dining and retail options. Downtown Jersey City is 1.6 miles away, while Manhattan is some 8 miles northeast. Newark Liberty International Airport is within 9 miles of the property.
The JLL Capital Markets Debt Advisory team included Managing Director Matthew Pizzolato, Director Max Custer and Analyst John Cumming. Earlier this year, Pizzolato was part of the team that arranged the $49.5 million refinancing for Walnut Hill, a 177-unit luxury community in Clark, N.J.
Steady multifamily inventory
According to Yardi Matrix, there are more than 180 properties under construction in the New Jersey market, amounting to more than 40,000 units. This year, 52 communities—or 8,543 units—were completed, while several other projects that were slated to come online will likely be delayed until next year. Last year, 68 multifamily properties totaling 12,898 units were added to the inventory, the same source shows.
Earlier this fall, Malas Development has received $74.2 million in construction financing for the development of a 256-unit community in Teaneck, N.J. The six-story building is slated for completion in the second half of next year.
