Cornerstone Insurance & Financial Services has provided a $165 million loan to BLDG Management and Ares Management on The One, a 35-story multifamily tower in Jersey City, New Jersey.
The loan has a seven-year term and a rate of 3.55 percent, with two years of interest-only payments and a 30-year amortization schedule, a source confirmed. Meridian Capital Group brokered the financing on behalf of BLDG and Ares.
The One is a 439-unit luxury apartment building at 110 First Street in the Powerhouse Arts District of downtown Jersey City. The borrowers built the building in 2015 in conjunction with Urban Development Partners.
This month the developers announced the addition of the Riverside Medical Group in a 5,500 sq ft leased space on the property.
BLDG Management manages several hundred properties in the region, while Ares is alternative asset manager with approximately $94 billion in assets as of December 31, 2015, according to the company site.
Last year, Ares earned a $700 million commercial real estate debt mandate from a large North American specialty life insurer to originate two- to 10-year floating and fixed rate US commercial mortgage loans, Real Estate Capital previously reported.
The borrowers and lender did not respond to requests for comment in time for publication.