Soc Gen Provides $37M on Jersey City Apartments

By Andrew Coen September 24, 2024 2:25 pm

The Summit, 136-144 Summit Avenue, Jersey City.

Mazeh Realty has sealed a $37 million loan to refinance a Jersey City, N.J,. multifamily property, Commercial Observer has learned.

Société Générale supplied the five-year, fixed-rate loan on Mazeh Realty’s 99-unit The Summit property. The deal includes an 5.24 percent interest rate with full-term interest-only payments

Meridian Capital Group’s Dovid Kaufman arranged the transaction. 

“While market liquidity remains tight overall, lenders are still eager to work with experienced borrowers,” Kaufman, director of lender relationships at Meridian, said in a statement. “They’re willing to put in the extra effort to get comfortable with the deal and offer competitive terms.”

Located at 136-144 Summit Avenue, between Downtown Jersey City and the Journal Square neighborhood, the eight-story building debuted in 2023. The property’s amenities include a resident’s lounge, co-working space, a fitness center, garage parking and a rooftop sky lounge.

Officials at Mazeh Realty did not immediately return a request for comment. Société Générale declined to comment. 

Source: Commercial Observer