This article takes a look at how Cushman & Wakefield arranged a $136 million refinancing for Modera Lofts, a 366-unit multifamily property in downtown Jersey City. Cushman & Wakefield acted as the exclusive advisor to Harrison Street Asset Management, landing a high-profile loan from J.P. Morgan and spotlighting the asset’s institutional status in a market where supply is tight.
The piece also explores Modera Lofts’ location, amenities, and accessibility. It touches on what this refinancing might mean for Jersey City’s lively rental scene.
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Refinancing and asset profile
Modera Lofts was completed in 2016 and sits in the Powerhouse Arts District. The building earned Fitwel certification for its design and operations.
It blends an industrial vibe—think exposed brick and premium finishes—with a modern live-work feel. Residents get a fitness center, rooftop deck with a fireplace, indoor penthouse lounge, 24-hour concierge, and even a pet spa.
There’s also more than 13,000 square feet of retail space and rentable artist studios, which adds to the live-work atmosphere. The whole setup feels like it’s meant for people who want a bit more from their home base.
Cushman & Wakefield’s Equity, Debt and Structured Finance team, led by John Alascio and colleagues, called the asset an institutional-quality investment in a part of Jersey City where new supply is rare. The property’s strong sponsorship, great transit access, and unique amenities made it stand out to lenders in a pretty competitive market.
J.P. Morgan closed the loan, showing the lender’s interest in well-located, transit-connected multifamily buildings in Jersey City.
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What lenders found appealing
Lenders pointed to a few key factors that made the refinancing work:
- Strong sponsorship and a solid track record from the borrower
- Easy transit access, with major rail and bus routes nearby
- A unique mix of live-work amenities that really fit what renters want
- An asset located in a supply-constrained area with room for growth
Location, amenities and connectivity
Modera Lofts sits just two blocks from the Grove Street PATH station. It’s also close to the Hudson-Bergen Light Rail, giving residents quick access to Manhattan and other parts of the region.
There’s a grocery store nearby and the Newark Avenue retail corridor is right there, making daily life pretty convenient and adding some buzz to the neighborhood.
The Powerhouse Arts District is at the heart of Jersey City’s downtown resurgence, and Modera Lofts fits right in. The district’s mix of arts and residential life helps create a lively live-work environment, which is a big draw for renters who care about transit, culture, and amenities.
Transit access and neighborhood context
Nearby highlights and connections include:
- Grove Street PATH station just a short walk away for fast Manhattan commutes
- Hudson-Bergen Light Rail close by for cross-town travel
- Direct access to Newark Avenue’s shops and restaurants
- On-site artist studios and retail, which help build community
All these features make Modera Lofts a standout for urban living in Jersey City. It’s a spot that balances modern apartments, public transit, and walkable streets—pretty much what today’s renters are after.
Market implications for Jersey City
The refinancing of Modera Lofts shows that lenders are still keen on well-located, transit-friendly multifamily properties in Jersey City’s top neighborhoods. Even with lots of competition, the city keeps attracting capital thanks to strong assets, income from retail and artist spaces, and proven locations near transit.
For investors and developers, Modera Lofts is a good example of how combining live-work amenities with great accessibility can create value in a dense, urban market.
What visitors and residents should know
For anyone exploring the area, a few practical notes tie the project to Jersey City’s broader appeal. Jersey City hotels are everywhere near transit hubs, so it’s easy to plan a longer stay and tour the district at your own pace.
If you’re wondering where to stay in Jersey City, check out the downtown corridors. They’ll put you close to the Powerhouse Arts District and Grove Street, which is honestly pretty convenient.
There’s no shortage of things to do in Jersey City. You’ll find galleries, cafes, and those waterfront parks that always seem to show up in people’s photos.
For travelers, getting to Jersey City is simple. PATH, buses, and light rail all connect right into the city, so you won’t be stuck figuring out complicated routes.
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