Hackensack-based TAY Investments worked with Berkadia Commercial Mortgage, LLC to refinance 829 Garfield with a $35.75 million loan. The 110-unit multifamily property, with ground-floor commercial space, is located in the heart of Jersey City’s Bergen-Lafayette neighborhood.
Berkadia’s team of Director Michael Basinski, Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson, and Matt Robbin originated the Fannie Mae-secured, fixed-rate loan with a five-year term.
“The agencies remain committed to supporting high-quality developments that align with their mission of providing liquidity for affordable workforce housing. The sponsor (TAY Investments) delivered an exceptional property, which enabled us to structure optimal financing,” explained Berkadia’s Basinski.
Completed in 2022, 829 Garfield Avenue is a multifamily property housing a mix of market-rate and 10% affordable units. The ground floor features more than 10,000 square feet of commercial space. The fully stabilized complex consists of both two- and three-bedroom layouts. All homes come with stainless steel appliances, radiant heat floors in the bathrooms, quartz countertops, private patios, and large windows. Some units have direct views of New York City.
“We are proud to deliver a high-quality building that not only meets the growing demand for affordable housing but also enhances the neighborhood. Partnering with the agencies is a testament that you can build a sustainable project at affordable rates and demonstrates our commitment to creating lasting value for residents,” offered TAY Investments Founder and CEO Yuval Shram.
Residents enjoy the growing Bergen-Lafayette neighborhood and immediate access to the Garfield Avenue Light Rail Station. Liberty State Park, Ellis Island National Museum of Immigration, Liberty National Golf Club, downtown Jersey City, and Liberty Science Center are just a few of the local highlights. Express transportation to New York City and Newark International Airport is just minutes away.
