JLL Capital Markets announced today that it has arranged a $43 million bridge loan for BELA, a newly constructed, 104-unit, luxury multi-housing community in the growing Bergen-Lafayette neighborhood of Jersey City, New Jersey.
JLL represented the borrower, Golden Glades Capital Management, in arranging a three-year, floating-rate loan with a financing subsidiary of BrightSpire Capital that allowed the borrower to lower their cost of capital and finish their lease-up.
BELA offers a mix of one- and two-bedroom apartments averaging 982 square feet. The eight-story property’s community 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-floor retail.
Situated one block from Liberty State Park’s Hudson-Bergen Light Rail station, BELA is less than one mile from Interstate 78.
The JLL Capital Markets debt team that represented the borrower was led by Directors Matthew Pizzolato and Thomas E. Didio, Jr. The team previously secured acquisition financing for the borrower in 2020, while the JLL Capital Markets Investment Sales Advisory team brokered the 2020 sale of the property.
“We are thrilled to continue our relationship with Golden Glades Capital Management and once again represent them on this high-quality asset,” Pizzolato said. “They’ve done a tremendous job through lease-up since acquiring this property in the heart of COVID. BrightSpire Capital recognized this and stepped up to offer extremely attractive terms that allowed our borrower to recapitalize and lower their cost of capital.”