Art House Secures $32 Million Refinancing

CBRE announced today that it secured a $32 million permanent loan to refinance Art House, a 119-unit multifamily community in Downtown Jersey City. Nationwide Bank provided the financing package on behalf of the property owner and operator, DVORA. The new loan replaces prior debt for the building located at 148 First Street.

The 12-story property opened in 2014 and currently sits at 97 percent occupancy. The complex includes a rooftop swimming pool and lounge, a fitness center, a yoga and wellness studio, and coworking spaces. Residents also have access to 24-hour concierge services, bicycle storage, and electric vehicle charging stations.

Matthew Pizzolato of CBRE’s New Jersey Debt & Structured Finance team arranged the financing. He said lenders continue to show interest in well-located multifamily properties backed by premier sponsors. Pizzolato noted that Nationwide recognized the strength of Art House’s location and the DVORA brand. He added that the bank stepped up to provide competitive financing terms despite a challenging interest rate environment.

Art House helped spark a new wave of development in the Powerhouse Arts District. In the years since the building was completed, the area has seen the construction of the Arts & Powerhouse retail complex and Modera Lofts. The New Jersey Symphony Orchestra theater is also set to arrive in the neighborhood.

Construction continues on a 34-story tower just a few blocks away on Morgan Street. Several other major developments in the immediate area are currently in the planning phases. The refinancing marks a milestone for the property nearly a decade after its opening.