$18.625M financing secured for newly constructed apartment community in New Jersey

MORRISTOWN, Dec. 6, 2023 – JLL Capital Markets announced today that it has arranged the $18.625 million refinancing of 39 High Street, an 83-unit multi-housing community located in the Journal Square neighborhood of Jersey City, New Jersey.

JLL represented the borrower, a partnership between Spitzer Enterprises and Titanium Realty Group, to secure the fixed-rate loan through a correspondent life insurance company.

Newly constructed in 2023, the six-story community features market-rate units with studio, one-, two- and three-bedroom layouts, along with an 18-space parking garage. The property’s amenity package includes a communal fitness center, children’s playroom, tenant lounge and an expansive rooftop terrace with New York City views.

Located at 39 High Street, the property is situated in a prime, transit-oriented location and is approximately an eight-minute walk from the Journal Square PATH Station, which provides direct access to New York City’s Penn Station, The World Trade Center and Newark’s Penn Station. The neighborhood is set to experience sustained growth fueled by the Port Authority’s Journal Square Transportation Center (JSTC) redevelopment initiative, as well as the Jersey City Municipal Council’s Journal Square 2060 Redevelopment Plan, attracting retail, office, hotel, residential and entertainment venues.

The JLL Capital Markets Debt Advisory team was led by Matthew Pizzolato, Max Custer and John Cumming.

“There continues to be tremendous interest from the lending community for high quality and well-located multi-housing properties like 39 High Street,” said Pizzolato.

“Jersey City continues to experience robust renter demand for newly constructed multi-housing properties, and 39 High Street’s luxury unit finishes and building amenities allowed for a very quick absorption period,” added Custer.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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