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Northwestern Mutual funds permanent loan for 425 Summit tower
The 27-story, 390-unit property is 98% leased and sits less than half a mile from the Journal Square Path station.
Northwestern Mutual has provided $109.5 million in permanent financing for a newly built multifamily tower in Jersey City, a Commercial Observer story said. The loan is intended to retire construction debt after lease-up and stabilization of the 2024-completed project.
The development is a joint venture between Spitzer Enterprises and Arden Group. CBRE arranged the transaction, with its debt and structured finance team including Matthew Pizzolato, Jason Gaccione, Jake Salkovitz, Shawn Rosenthal, Josh Stein, and Carlos Silva.
The property at 425 Summit Avenue is located less than a half mile from the Journal Square Path station, and it offers studio to three-bedroom apartments. CBRE reported the building is 98% leased, with ground-floor retail plus amenities including a fitness center, coworking lounge, golf simulator, and pet spa.
In a statement, CBRE debt and structured finance team member Matthew Pizzolato said 425 Summit was a compelling opportunity to finance a recently stabilized, institutional quality multifamily asset, supported by transit connectivity, construction quality, strong operating performance, and experienced sponsorship. Northwestern Mutual, Spitzer Enterprises, and Arden Group did not immediately respond to requests for comment, the outlet added.