Arilex Realty’s The Centre, a 314-unit luxury complex in Cliffside Park, NJ, is grappling with a $130 m loan maturity despite strong cash flow and 90%+ occupancy. Owned by sisters Arianne Schreer and Alexis Pizzurro, the property’s value dropped from $188.2 m to $161.1 m due to rising interest rates, making refinancing difficult. A loan-to-value ratio above 80% complicates securing new debt, requiring $19 m to bridge the gap. Negotiations with the loan’s special servicer continue, while Arilex may be waiting for interest rates to fall. The sisters, daughters of developer James Demetrakis, are navigating this challenging market.
314-unit luxury complex
