Jersey City Apartment Community Secures Major Refinancing as Rental Demand Stays Strong

A large Jersey City luxury unit refinance illustrates multifamily housing market confidence despite rising interest rates. Structured credit refinanced the 201-unit Bergen-Lafayette residential complex for $72 million in mid-December.

Building the Hazel apartment complex on Monitor Street in two stages met rising housing demand. Phase 1 supplied 114 units in early 2022 and phase 2 87 late 2024. This tiered approach lets the developer adapt to market conditions while building more homes in crowded Jersey City.

The hotel’s inexpensive and market-rate rooms demonstrate its luxury and accessibility. 190 of 201 apartments are market-rate and 11 inexpensive. Most 747-square-foot apartments rent to professionals, families, and long-term tenants.

Upper-class urban rentals provide luxury units. Modern plank-style flooring, quartz worktops, stainless steel appliances, in-unit washers and dryers, and high ceilings for natural light and open living spaces are examples. In Jersey City’s fast-changing housing market, these qualities make the home a premium rental.

Neighborhood amenities simplify living. Locals can enjoy a rooftop pool, sky lounge with New York Harbor views, fully equipped fitness facility, remote-working suites, and package handling. Summer mist stations improve the property.

The four properties offer 9,600 square feet of street-level commercial space. Fitness centers, daycares, delicatessens, and parcel delivery companies operate here. This residential-commercial mix improves local life and economy.

Alpine refinanced with JLL. The financing package includes a five-year, fixed-rate Truist Bank balance sheet loan. Long-term, fixed-rate financing in the current economy reflects lender confidence in the property’s performance and the Jersey City rental market’s long-term health, say industry watchers.

Transit growth, Manhattan proximity, and neighborhood revitalization draw tenants to Jersey City. To suit shifting lifestyles and work schedules, the Hazel acquires well-located, amenity-rich residences.

Large refinancing deals like this indicate institutional lenders and developers are optimistic about Northern New Jersey’s real estate fundamentals as housing demand remains steady. The deal shows multifamily housing can weather economic downturns.

Sources

JLL Capital Markets
Truist Bank
Alpine Residential