Jonathan Rose Cos. Receives $20M in Refinancing for Apartment Building in New Jersey

NEWARK, N.J. — Jonathan Rose Cos. has received $20 million in refinancing for Court Tower Apartments, a senior HUD Section 236 property in Newark. The loan will allow the undisclosed borrower to enhance the asset through an $8 million capital improvement program, while preserving and expanding affordability for residents. Located at 1 Court St., the property features 221 residential units. Jonathan Rose Cos. acquired the property through its Rose New Jersey Green Affordable Housing Preservation Fund, a joint venture with Goldman Sachs Urban Investment Group, in 2013. The refinancing was arranged through Prudential, a Fannie Mae DUS lender.