MORRISTOWN, NJ– JLL Capital Markets announced today that it has arranged the $25.5 million financing of 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 of 2021, Nest Micro Apartments is a six-story building consisting of 122 studios. The custom-designed and fully furnished units feature transformable furniture, wood-style and tile flooring, and stainless-steel appliances. Community amenities include a fitness center, a recreation room with pool/ping pong table, large screen TV, laundry facilities, bike storage and a rooftop terrace with grilling station. Additionally, there is 1,350 square feet of ground floor retail that is anchored by Flip Sigi, a Filipino inspired taqueria.
Located at 190 Academy St., the property is situated in The Journal Square neighborhood, which offers a community-focused mix of working-class residents and is anchored by the Loews Jersey Theatre. The PATH Train System is a seven-minute walk from the property, providing residents a 10-minute ride to World Trade Center and a 22-minute right to midtown Manhattan.
The JLL Capital Markets Debt and Equity Advisory team representing the borrower was Matthew Pizzolato, Max Custer, Michael Oliver and Salvatore Buzzerio.
“Our client did an excellent job developing this Class A asset,” Pizzolato said. “Argentic stepped up and offered attractive terms that will allow our client to season and stabilize the property.”