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Residential

Fields Grade and Park Stone Management Refinance Jersey City, NJ Rental With $37 MM Loan

Development partners Park Stone Management and Fields Grade Development Company have received a $37 million-dollar permanent loan to refinance Le Léo, a 99-unit luxury rental building in Jersey City’s Journal Square.

Mark DeLillo and Marc Schulder of Blue Gate Partners represented the owners in arranging the financing which was provided by Lakeland Bank and authorized by Ryan Greer.

Located at 244 St Paul’s Avenue, just minutes from the Journal Square PATH Station with direct service to Manhattan, the six-story building came to market late last year and is currently 88% leased and occupied.  In addition to well-appointed studio, one- and two-bedroom apartments, the building features a suite of amenities and social spaces including a lobby lounge, state-of-the-art fitness center and yoga studio, resident lounge, and co-working space with a conference room. An outdoor rooftop terrace features private dining areas and BBQs, sun loungers, a misting station, and firepits with seating.  Conveniences include an outdoor dog run, resident storage, bike storage, and enclosed garage parking.

Designed by MHS Architecture, Le Léo also includes street-level retail space occupied by Choc-O-Pain French Bakery which is integrated into the lobby lounge to enhance the resident experience and create a connection to the surrounding neighborhood.

“Journal Square continues to gain momentum as a renewed living, business, cultural and shopping hub, all supported by a comprehensive transportation network,” said Jonathan Feifer, Founder and Principal of Park Stone Management. “We’re delighted that Le Léo has been well received in this competitive market and look forward to completing the lease-up in short order and stabilizing the asset.”

Situated just off John F. Kennedy Boulevard, Le Léo is less than a ten-minute walk to the Journal Square Transportation Center anchored by PATH service to lower and midtown Manhattan, Jersey City, Hoboken and Newark.  NJ Transit and private buses also serve the neighborhood daily, providing convenient access to major employment and recreation centers on both sides of the Hudson River.

For more information on Le Léo visit www.LeLeo.com.

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