JLL Capital Markets today announced that it has arranged $25.5 million in financing for Nest Micro Apartments, a 122-unit mid-rise luxury apartment building in the Journal Square neighborhood of Jersey City, New Jersey.
JLL worked on behalf of the borrower, 190 Academy Urban Renewal, LLC, to secure a loan through Argentic Investment Management, LLC.
Completed in July 2021, Nest Micro Apartments is a six-storey building consisting of 122 studios. Custom designed and fully furnished units include convertible furniture, wood and tile floors and stainless steel appliances. Community amenities include a fitness center, recreation room with pool/ping pong table, big screen TV, laundry facilities, bike storage, and rooftop terrace with grilling station. Additionally, there is 1,350 square feet of retail on the ground floor which is anchored by Flip Sigi, a Filipino-inspired taqueria.
Located at 190 Academy St., the property is located in The Journal Square neighborhood, which offers a community-oriented mix of working-class residents and is anchored by the Loews Jersey Theater. The PATH train system is a seven-minute walk from the property, giving residents a 10-minute ride to the World Trade Center and a 22-minute right to midtown Manhattan.
The JLL Capital Markets Debt and Equity Advisory team representing the borrower consisted of Matthew Pizzolato, Max Custer, Michael Oliver and Salvatore Buzzerio.
“Our client has done an excellent job developing this Class A asset,” Pizzolato said. “Argentic has stepped up its efforts and offered attractive terms that will allow our client to clean up and stabilize the property.”
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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