Nationwide Lends $32 Million to Refinance Jersey City Multifamily Property

Nationwide issued a $32 million permanent loan on October 29 to refinance Art House, a 119-unit residential building in Jersey City. The transaction replaces the financing originally secured when the 12-story property opened in 2014.

CBRE arranged the deal for DVORA, the owner and operator of the complex located at 148 First Street in the Powerhouse Arts District. The New Jersey Debt & Structured Finance team at CBRE handled the transaction. Matthew Pizzolato, a member of that team, noted that lenders showed strong interest in well-located multifamily assets with premier sponsors.

"Nationwide recognized the strength of Art House’s location and the DVORA brand and ultimately stepped up to provide the most competitive financing terms," Pizzolato said. He added that the refinancing demonstrates the strength of the DVORA brand despite a challenging interest rate environment.

The building currently reports a 97% occupancy rate. Amenities include a rooftop pool, fitness center, yoga studio, coworking spaces, a children’s playroom, 24-hour concierge service, bicycle storage, and electric vehicle charging stations.

The neighborhood surrounding Art House has seen increased construction activity since the building’s completion. Recent projects in the area include the Arts & Powerhouse retail complex and Modera Lofts. A new 34-story tower is under construction on Morgan Street, and the New Jersey Symphony Orchestra theater is scheduled to open in the vicinity.