Real Estate Weekly
Image default
Debt & Equity

JLL arranges $41M financing for NJ apartment acquisition

JLL Capital Markets has arranged $41 million in acquisition financing for BELA, a newly developed, 104-unit, luxury apartment community located within a qualified opportunity zone in Jersey City’s Bergen-Lafayette neighborhood.

JLL worked on behalf of the borrower, Golden Glades Capital Management, to arrange the two-year, floating-rate loan that was provided by Ares Commercial Real Estate Corporation.

Golden Glades Capital Management purchased the property for $53 million.

BELA is situated one block from Liberty State Park’s Hudson-Bergen Light Rail station and less than one mile from Interstate 78.

Completed in 2019, the eight-story property features a mix of one- and two-bedroom apartments averaging 982 s/f. Amenities include rooftop views of the Manhattan and Jersey City skylines, a fitness center, yoga studio, grilling stations, outdoor lounge, club room and furnished suites for guests.

BELA also offers onsite parking and bike storage via its first-floor garage and approximately 2,600 square feet of ground-level retail.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Director Matthew Pizzolato.

“BELA received tremendous interest from the lending community,” Pizzolato said. “Ares ultimately stepped up to offer the most attractive terms and structure that will allow Golden Glades Capital Management to execute their business plan and lease-up the property.”

Related posts

Criterion JV refinances 22-property outdoor storage portfolio with $132.3M loan from Axos Bank

REW

JLL arranges $220M financing, equity for downtown Manhattan office-to-apartment conversion

REW

Lonicera Partners and Rabina Secure JV Equity and Financing for Downtown Brooklyn Apartment Development

REW