NewPoint Real Estate Capital has provided a $153.6-million Freddie Mac Conventional loan to refinance The One for developer BLDG Management. The One is a 35-story, 451-unit Class A multifamily high-rise located at 110 First St. in Jersey City. NewPoint worked with Carol Shelby and Eric Schleif of Meridian Capital Group, who represented the borrower.
“Despite having to navigate complexities around a PILOT tax abatement program, this transaction proceeded smoothly along our targeted timeline for taking out a maturing loan,” said Ryan Koehler, VP, originations at NewPoint. “We rate locked two weeks after application and closed on the same day as commitment, a result of fantastic coordination between NewPoint, Freddie Mac and the Meridian team.”
The seven-year loan features a 35-year amortization schedule, which Freddie Mac provided given the 65% LTV, affordability elements and strength of the sponsorship. The One has a 10-year PILOT tax abatement program with 10 rent-restricted units.