M id A tlantic Real Estate Journal — Appraisal — September 11 - 24, 2020 — 9A


A ppraisal

$20.5M refinancing secured for Garabrant in New Jersey JLL arranges loan for the multi-housing property in the Lafayette, NJ neighborhood by director Matthew Piz - zolato .


Completed in 2019, the six- story property features best- in-class construction and unit design, offering a diverse mix of spacious studios, one- and two-bedroom apartments. Units feature stainless steel appliances, quartz counter - tops, hardwood floors, island kitchens and large closets. Community amenities include a roof deck with views of the Manhattan and Jersey City skylines, a fitness center, sauna, onsite parking, bike storage and cooking grills. The JLL Capital Markets Debt Placement team repre - senting the borrower was led

ERSEY CITY, NJ — JLL Capital Markets has arranged a $20.5 million refinancing for Garabrant

The Point Capital Devel - opment, LLC team was led by founder, John Fio Rito . “I was excited to assist my client in securing and closing this financing during a chal - lenging capital markets en - vironment,” stated Pizzolato. “Coming to market for per - manent financing on a recently stabilized multifamily project in the midst of a global pan - demic had its challenges but JLL stepped in and did an excellent job getting this deal across the finish line,” said Fio Rito . MAREJ

in Jersey City. JLL worked on behalf of the borrower, Point Capital Devel - opment, LLC, to place the 10- year, fixed-rate conventional loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. The proceeds will be used to refinance the existing con - struction loan and payoff the preferred equity in the deal. Garabrant is located in the historic neighborhood of Ber - gen-Lafayette. Situated just one block from Liberty State Park’s Hudson-Bergen Light Rail station and less than one mile from Interstate 78, the property offers its residents convenient access to the Hud - son Waterfront, lower Man - hattan and the greater New York MSA. Cinnaire invests in FinTech building in Newark, DE NEWARK, DE -- A New Markets Tax Credit invest - ment from Cinnaire is sup - porting the development of a new, 100,000 s/f building dedi - cated to financial technologies, commonly called Fintech, at the University of Delaware’s Science, Technology and Ad - vanced Research Campus in Newark. Cinnaire provided a $9 mil - lion New Markets Tax Credit (NMTC) allocation to the Dela - ware Technology Park to sup - port the FinTech building, the latest project on the Uni - versity of Delaware’s growing STAR Campus. Construction is expected to be completed in November 2021. “FinTech will transform the future of Delaware’s growth in the financial technology sector, providing a space for entrepreneurs and innova - tors to collaborate on im - pactful projects,” said Peter Giles , Cinnaire vice president, Business Development. “This project will expand economic and educational opportuni - ties while creating jobs for Delaware residents. The New Markets Tax Credit continues to bring investment to com - munities that need it most, demonstrating the value of the program.” MAREJ


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