KRE, National land $124 million refi of 458-unit Jersey City rental tower, Cronheim says

Grove Pointe Apartments at 100 Christopher Columbus Drive in Jersey City — Courtesy: Cronheim Mortgage

By Joshua Burd

Kushner Real Estate Group and National Real Estate Advisors have secured more than $124 million to refinance a 458-unit residential tower in downtown Jersey City.

According to Cronheim Mortgage, which arranged the transaction, a life insurance company provided the debt in connection with Grove Pointe Apartments at 100 Christopher Columbus Drive. The loan combines an interest-only period with the balance on a 30-year amortization schedule, the firm said, noting that the 29-story building opened in 2007 and is being renovated to modernize the apartments as they turn over.

Cronheim’s Andrew Stewart, Dev Morris and Allison Villamagna secured the financing on the borrower’s behalf. The Chatham-based firm added that it acts as the correspondent and servicer for the undisclosed lender.

“KRE is a conscientious and knowledgeable generational owner operator-developer who utilizes their knowledge of all facets of multifamily construction, land use and property management to offer a best-in-class experience for all who do business with them,” Stewart said.

Residents of Grove Pointe Apartments are adjacent to the Grove Street PATH Station, which provides direct access to Lower Manhattan, and steps from the mix of shops, bars and restaurants on the Newark Avenue Pedestrian Plaza. Cronheim added that the collection of studio, one-bedroom and two-bedroom units also has 19,765 square feet of ground-level retail and a six-level, 535-space enclosed parking deck, along with amenities such as a fitness center, a pool, a billiards room, a lounge and a children’s playroom.

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Author: Joshua Burd