Cole Schotz Advises on $160m Loan for Resort-Style Residential Complex in Jersey City
Cole Schotz P.C. advised 400 Claremont Holdings, LLC on a $160 million refinancing loan for a 629-unit resort-style residential complex known as 3 ACRES in Jersey City’s West Side neighborhood.
The refinancing will allow 400 Claremont Holdings, LLC to replace construction financing for the building. The high-profile project, located on one of New Jersey’s federal opportunity zones, has drawn headlines for its luxury amenities, design elements that prioritize health and safety in light of the COVID-19 pandemic and the speed with which units have been leased.
Cole Schotz provided 400 Claremont Holdings, LLC strategic insight and direction in securing a short-term rate lock to structure, negotiate and close the loan amid surging interest rates.
“This was an instance of the right strategic moves at the right time nudging the stars into alignment to produce an optimal outcome for 400 Claremont, LLC.,” said Cole Schotz member Robert A. Riva. “This outcome speaks volumes for 400 Claremont, LLC and the investors involved. Additional credit goes to Progress Capital’s Kathy Anderson who had the foresight to bring together the right investors to make the deal happen.”
The Cole Schotz team was led by member Leo V. Leyva, with support from members Robert A. Riva, Jennifer L. Horowitz, Adam J. Sklar, Robyn A. Pellegrino, Jeffrey H. Schechter and Rab N. Nalavala, and associates Isabelle R. Jacobs and Jonathan Goodelman.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.