14A —April 22 - May 19, 2022 — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
F inancial D igest
Pointe Developers, LLC owns 253 Academy Street in Jersey City Anderson of Progress Capital arranges $14Million commercial loan for NJ multifamily property
J ERSEY CITY, NJ — Kathy Anderson , found - ing partner at Progress C a p i - tal secured $14 million in refinanc - ing for the property lo - cated at 253 Academy St., Jersey City, NJ, owned by Pointe Developers, LLC. Challenges • Building is newly constructed and not fully stabilized • Construction loan was maturing Kathy Anderson
• Rising interest rate envi - ronment Solutions • Bank agreed to fund based on leases in place with earnout in order to repay construction loan prior to maturity • Loan included 12 months I/O to allow time for full sta - bilization • Rate was locked in at Term Sheet and honored during a tumultuous treasury market It was just a year ago that 253 Academy St. went from Blah to Ah! The newly con - structed 79-unit building known as ‘The Moxie at Jour - nal Square’ made headlines
LOS ANGELES, CA AND BALTIMORE, MD — Base Equities , a private equity firm that specializes in pro - viding preferred equity to established sponsors in com - mercial real estate assets across the United States, has announced a strategic joint venture partnership with Alex. Brown Realty (ABR) , an independent real estate investment manager special - izing in value-add, opportunis - tic, and core-plus investments in the middle market. ABR Chesapeake Fund VI, a value-added real estate fund sponsored by ABR, has committed $26 million to Base Equities’ strategy, which is focused on providing small- balance ($1-5 million) pre - ferred equity for commercial real estate investments, with an emphasis on value-add multifamily transactions in the $5-30 million range. Base Preferred Equity Fund I is continuing to raise capital and is on track to achieve its target of $50 million in commitments dedicated to the strategy, ac - cording to Michael Bastan , a co-founder and principal at Base Equities alongside Eli Moghavem. MAREJ Base Equities forges partnership with ABR The property is positioned in Bergen Square, a sub neigh - borhood of Journal Square known as one of the most emerging markets in Jersey City for gentrifying at a rapid pace. The Moxie at JC features uncompromising detail, form and function for providing a unique urban residence, while simultaneously offering a pedestrian-friendly experience with nearby bicycle accessibil - ity, bus service and JSQ Path Station. MAREJ as being the latest innova - tive addition to Jersey City’s urban landscape. This modular building con - tains (77) studio units and (2) larger apartments that were constructed in prefabricated segments and assembled as stand-alone modular units. The community features plentiful amenities including rooftop grills, hi-tech smart gym, secure bike storage facil - ity and concierge service.
253 Academy St.
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