JLL Capital Markets successfully completed the sale and financing of Edge Lofts, a luxurious multifamily property in Hoboken, NJ. The two-building complex, located at 1405 Clinton and 1405 Adams St., was sold for $27 million to an undisclosed buyer. JLL represented the seller, Bijou Properties LLC.
In addition to facilitating the sale, JLL also secured a 10-year fixed-rate loan from a life insurance company on behalf of an institutional borrower.
The expert team at JLL Capital Markets Investment Sales and Advisory led by senior managing directors Jose Cruz, Steve Simonelli and Michael Oliver along with director Elizabeth DeVesty and associate Austin Pierce were instrumental in representing the seller. On behalf of the borrower, senior managing directors Jim Cadranell and Gregory Nalbandian along with senior analyst Salvatore Buzzerioand analyst John Cumming worked tirelessly as part of JLL’s Capital Markets Debt Advisory team.
According to Nabaldan,”These core multi-housing assets generated significant interest for financing.” With its prime location in Hoboken,NJ,the luxury apartments at Edge Lofts are sure to be highly sought after by potential buyers.
