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| The Lexington, a multi-housing community consisting of 50 apartments across two, five-story buildings in Hoboken, NJ |
MORRISTOWN, NJ, Nov.30, 2020 – JLL Capital Markets announced today that it has arranged $21.65 million in refinancing for The Lexington, a multi-housing community consisting of 50 apartments across two, five-story buildings in Hoboken, New Jersey.
JLL worked on
behalf of the borrower, JDA Group, LLC, to secure the 10-year loan through
Freddie Mac. The loan will be serviced by JLL Real Estate Capital,
LLC, a Freddie Mac Optigo℠ lender.
Gregory Dell’Aquila
Constructed in 2007, the 100%-occupied property spans across 7th St., between Adams St. and Grand St. with a central courtyard separating the two buildings.
The
Lexington consists of nine one-bedroom, 40 two-bedroom and one three-bedroom
units, averaging 1,037 square feet per unit. In-unit amenities include modern,
open concept floor plans with hardwood floors, stainless steel appliances,
granite countertops, bay windows, walk-in closets and the convenience of
in-unit washer and dryers.
The
Lexington also boasts an array of community amenities including a fitness
center, a 10,000-square-foot central courtyard, that features a tranquility
garden, playground, grilling stations, a fire pit, secure building access with
intercom, covered parking and storage units.
“JDA
Group, LLC made the decision to refinance this property and went through a
lengthy interview process choosing JLL for a variety of reasons,” said Gregory
Dell’Aquila, Chief Executive Officer, JDA Group, LLC. “We provided
parameters required to make the deal work, JLL not only met our expectations
but exceeded them.”
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| Michael Klein |
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Director Matthew Pizzolato.
“We
were excited to be a part of this transaction and help our client take
advantage of these historically low interest rates,” said Pizzolato.
“The
agencies continue to be the most competitive lender for stabilized multi-housing
product, and we were able work with Freddie Mac to lock in a competitive
interest rate for 10-years while also achieving full term interest only.”
“JDA
Group built a fantastic community back in 2007 that has continued to stand the
test of time,” adds Klein. “Freddie Mac quickly recognized the strength of the
borrower’s management capabilities and the pride they put into maintaining a
Class A community that still has many of its original tenants.”
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 advisory, debt placement, equity placement or a
recapitalization. The firm has more than 3,700 Capital Markets specialists
worldwide with offices in nearly 50 countries.
For
more news, videos and research resources on JLL, please visit our newsroom.
Matthew Pizzolato
About
JDA Group, LLC
Headquartered in Hoboken, N.J., JDA Group, LLC and its companies (JDA) are a privately held commercial and residential development firm serving the metropolitan area.
With a growing portfolio of sought-after properties, JDA is known for its ability to establish distinctive development practices in varying locations, building types and cities.
The company brings a
common attention to detail in all phases of the development process providing a
results-oriented, hands-on approach beginning with acquisition and development
right through construction, leasing and property management. .
CONTACT:
Jones Lang LaSalle Americas, Inc.
200 E. Randolph St.
Chicago, IL 60601
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