Northmarq arranges $68.5 million refinancing for CityLine East and West apartments in Jersey City, NJ
JERSEY CITY, N.J. (Jan. 2, 2025) — Northmarq’s Philadelphia Debt + Equity team led by John Banas and Kris Wood successfully arranged a total of $68.5 million in financing for the CityLine East and West multifamily housing properties located in Jersey City, New Jersey, on behalf of their client, The PRC Group.
For CityLine East, Northmarq secured a $34 million fixed rate senior loan along with an $8 million fixed rate mezzanine loan.
For CityLine West, Northmarq secured a $21.5 million fixed rate senior loan along with a $5 million fixed rate mezzanine loan.
Both loans are three-year terms, with the senior loan having one year of interest only and then moving to a 30-year amortization. The mezzanine loan is full term interest only.
“The financing for CityLine East and West was all about relationships. The relationship between PRC, our Northmarq team and both lenders led to a great transaction,” said Banas.
CityLine East, located at 15 Carbon Pl was completed in 2021 and features 198 Class A apartment units along with 139 parking spaces. It offers a mix of 45 studio residences, 136 one-bedroom units and 17 two-bedroom units. Amenities include a shuttle service, resident lounges, fitness center, café, BBQ/picnic area, rooftop sundeck, yoga studio, business center and on-site maintenance.
Built in 2019 and located at 33 University Pl Blvd, CityLine West is a six-story, elevatored residential building featuring 144 Class A apartments with 136 parking spaces. It features a mix of seven studio units, 110 one-bedroom units and 27 two-bedroom units. Amenities include a shuttle service, package concierge, butterfly mx control, café, resident lounge, rooftop BBQ and lounge, fitness center, meeting room and pet washing station.
Both CityLine properties boast easy access to Interstate 78, the New Jersey Turnpike, NJ Route 440, the Holland Tunnel (4.5 miles), the Lincoln Tunnel (7.5 miles), Newark International Airport (10 miles) and New York City (17 miles)
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
