Hoboken multi-housing community sells

MORRISTOWN, October 30, 2023 – JLL Capital Markets announced today that it has closed the sale and secured the $27 million financing for Edge Lofts, a two-building, luxury multi-housing community located in Hoboken, New Jersey.

JLL represented the seller, Bijou Properties, LLC, and procured the buyer. Additionally, JLL worked on behalf of an institutional borrower to secure the 10-year, fixed-rate loan through a life insurance company.

Constructed in 2013 and 2019, the two properties include five stories of residential floors over ground floor parking garages, state-of-the-art lobbies and retail space. The community features a diverse mix of one-, two- and three-bedroom units with large floor plans averaging 975 square feet, outdoor balconies/terraces in select homes, white oak wood plank flooring, in-unit washers and dryers, stainless steel appliances and caesarstone kitchen countertops. Community amenities include a package room, a private fitness center, fully furnished resident lounge with full bar and flat screen TV, a common terrace with seating and grill and Platinum LEED for Homes Certification.

Situated at 1405 Clinton and 1405 Adams St., the two locations are just a block apart. Both properties have convenient access to the NJ Transit Bus and Train Systems, the Hoboken PATH Station, the Hoboken Ferry and the Jersey City Transit Station, all providing direct access into Manhattan. Convenient for drivers, Hoboken is strategically located between the Holland and Lincoln Tunnels, and Edge Lofts is within proximity to major throughfares, such as I-78, I-95/NJ Turnpike, Routes 1 and 9, I-280 and the Garden State Parkway.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Steve Simonelli and Michael Oliver, Director Elizabeth DeVesty and Associate Austin Pierce. Senior Managing Directors Jim Cadranell and Gregory Nalbandian, Senior Analyst Salvatore Buzzerio and Analyst John Cumming led the JLL Capital Markets Debt Advisory team on behalf of the borrower.

“There was no shortage of interest to finance these core multi-housing assets.  Our client strategically owns several multi-housing assets within the immediate vicinity, making this acquisition a great complement to their strong footprint in Hoboken.  Our life company correspondent provided a 10-year, interest-only loan at a very attractive rate and allowed the borrower to lock their interest rate on the same day Silicon Valley Bank and Signature Bank went under, never wavering,” stated Nalbandian.

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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