F inancial D igest F eaturing C reative F inancing
M id A tlantic Real Estate Journal — June 17 - July 21, 2022 — 7A
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ERSEY CITY, NJ — Making decisions about permanent financing is J Management leases over 100 units per month at 400 Claremont Ave., Jersey City Progress Capital organizes $160 Million refi for Jersey City West Side Apartment Complex
100 units per month, which is an all-time record for Jersey City, no less the West Side. West Side…The New ‘It’ Location In Jersey City If it looks like the ‘Squares’ (Journal, McGinley) of Jer- sey City have taken a back- seat to the West Side, it’s because they have! The West Side, a neighborhood deemed as the next develop- ment hot spot, has officially emerged as the center of Jersey City’s new cycle of renaissance. It’s the suburbs of Jersey City, filled with Victorian- style homes located just west of Downtown Jersey City near the banks of the Hackensack River. West Side has seen a significant influx of people, new invest - ments and interest in a short period of time. This diverse neighborhood is situated on either side of West Side Av- enue, one of the city’s main shopping streets, offering
an array of small businesses and boutiques, as well as a variety of ethnic eateries. “We made a big bet on the West Side, believing that the positive transformation that has taken place here in recent years paved the way for a top-of-market rental building with an extraor- dinary amount of indoor and outdoor amenities and high-level services,” said Art Johnson, principal of 400 Claremont, LLC . Progress Capital was es- tablished in 1990 and has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commer- cial real estate mortgage advisory firm, we can advise you on any real estate in- vestment you are consider- ing and provide the financ - ing advice you need to man- age through the commercial real estate acquisition and/ or financing process. MAREJ
always diffi - cult. Making these deci- sions during a turbulent rate environ- ment makes it all the more chal- lenging. In
Kathy Anderson
this case, a decision in March to enter into a 90 day rate lock by the owner of 3 ACRES Apartment Complex in Jer- sey City, was the RIGHT one. Kathy Anderson , found- ing partner of Progress Cap- ital began exploring options for a permanent loan with Art Johnson in November 2021 to replace construction financing for 629 MF units at 400 Claremont Ave., Jer- sey City, aka 3 ACRES. The original plan was to refinance during the Third Quarter 2022, as leasing only started
400 Claremont Ave.
to stabilization. What was working is that leasing was off the charts. As a result of the right unit mix at an af- fordable rent and ‘over the top’ amenities, 3 ACRES be- came the place to live. Man- agement was leasing over
December 2021. Fast forward to February 2022… Russia invades Ukraine, inflation accelerates and the 10-year treasury spikes. The challenge was to secure a loan that would permit a forward rate lock PRIOR
Ranieri of Northmarq arranges $16M Fannie Mae loan for East Orange, NJ class A new construction multifamily property
WESTCHESTER, NY — Robert Ranieri , managing director of Northmarq’s
period. This is a class A apart- ment complex that stands out from competing properties in the area.” The apartments feature pri- vate balconies, stainless steel appliances, walk-in closets, high ceilings and oversized windows. The property, lo- cated two blocks from the New Jersey Transit Station, has an amenity package that includes laundry facilities, a fitness center and package room. In other news, Northmarq has arranged the approxi- mately $29 million refinanc - ing of Arlington West Apart- ments, a 324-unit multifamily community located at 5049 Western Blvd. in Jackson- ville, a city near North Caro- lina’s coast. Built in 2009, Arlington West spans 14 apartment buildings and fea- tures a resort-style saltwater swimming pool, playground, two dog parks, fitness center,
game room and a business center. Bob Harrington and Paul Whalen of Northmarq arranged the 10-year, Fred - die Mac loan on behalf of the undisclosed borrower. The interest-only loan was under- written with a fixed interest rate in the mid-3 percent range. As a capital markets leader, Northmarq offers commercial real estate investors access to experts in debt, equity, invest- ment sales and loan servic- ing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $33 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people. MAREJ
Westchester office, ar- ranged $16 million per- manent loan through Fan - nie Mae for The Harri- son, a 103- unit mul-
Robert Ranieri
tifamily property in East Orange, NJ. The class A prop- erty, which leased up before construction was complete, contains a mix of studio, one- bedroom and two-bedroom apartments. According to Ranieri, he was able bid on the financing while construction was being finished. “The property leased up so quickly that we were able to finance under stan - dard Fannie Mae program. The loan was rate locked during a highly volatile time
The Harrison
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