Cushman & Wakefield is pleased to announce the closing of a $22.0 million refinance, collateralized by a property at 154-157 Avenue E, in Bayonne, New Jersey. The loan from Investors Bank featured a 7-year term at a fixed rate of 3.375%, with a 5-year extension option.
The newly finished SilkLofts property was originally the site of the century-old Maidenform Brassiere factory, which at its height, employed 1,300 people daily. The factory gave birth to the modern bra and even served during World War II as a manufacturer of military parachutes and carrier pigeon vests using primarily silk. From the start, Douglas Stern, President of SilkLofts, strived to protect the former factory's unique character by salvaging the original brick work and repurposing the longleaf yellow pine for columns. This is highlighted by the community brick pizza oven which feeds directly into the original industrial smokestack. The five story Brooklyn-esque lofts feature hardwood floors, high ceilings and include five studio units, 26 two-bedroom units, 48 one-unit bedrooms and six private artist's lofts. “We utilized the finest materials and craftsman to honor Maidenforms’ past while at the same time bringing modern features to residents who wanted a luxury loft experience,” says Stern.
“Our challenge in this financing was securing full loan proceeds despite the fact that when we went to market, the property was not fully stabilized,” said George Gnad, the Cushman & Wakefield broker who exclusively handled this transaction. “Working on this amazing, successful, adaptive reuse of a factory to a luxury loft was a thrill, and Doug Stern did a world-class job,” said George Gnad.
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Neighborhoods: Hudson County