Art House Secures $32M Loan

A 12-story residential tower in Jersey City's Powerhouse Arts District has refinanced its debt, securing a $32 million permanent loan. The transaction closes a decade of ownership for the 119-unit property at 148 First Street, marking a financial milestone for a building that helped launch the area's modern development wave.

CBRE arranged the financing for DVORA, the property's owner and operator. Nationwide provided the loan, following a competitive process. The deal was structured by CBRE's New Jersey Debt & Structured Finance team, which included Matthew Pizzolato, Jason Gaccione, Shawn Rosenthal, Josh Stein, Carlos Silva, and Jake Salkovitz.

Pizzolato noted that lenders remain interested in well-located multifamily assets backed by strong operators. He said Nationwide recognized the value of Art House's position and the DVORA brand, offering what he called the most competitive terms available in the current market.

The building, completed in 2014, is currently 97% leased. Residents have access to a rooftop pool and lounge, a fitness center, a yoga studio, coworking spaces, a children's playroom, 24-hour concierge service, bicycle storage, and EV charging stations.

The surrounding neighborhood has transformed since Art House opened. The Arts & Powerhouse retail complex and Modera Lofts are now operational, while the New Jersey Symphony Orchestra theater is expected to arrive soon. Construction continues on a 34-story tower on Morgan Street, just a few blocks from the subject property.

Additional major projects in the district remain in the planning phase, continuing the physical expansion of the area. The refinancing reflects the sustained demand for institutional financing in this specific submarket.