JLL Arranges JV Equity, Acquisition Debt on Jersey City Multifamily
JLL Capital Markets arranged joint venture equity and acquisition financing for Jasmin Terrace II, a 56-unit, newly built, luxury apartment building in Jersey City.
Senior Managing Directors Thomas R. Didio and Thomas E. Didio Jr., Senior Director Gerard Quinn, Associate Michael Mataras and Senior Analyst Joseph Gruber worked on behalf of the borrower, Tower Management Service LP, to arrange a joint venture equity investment from Lakerock, forming a new partnership between the two firms. JLL then represented the partnership in securing the $16.5-million, five-year, fixed-rate acquisition loan through RWC Lending. Tower is making its debut in the Jersey City market.
Delivered in 2024, Jasmin Terrace II is located at 412 Whiton St. in the Bergen-Lafayette neighborhood of Jersey City. The property benefits from walkable access to Jersey City’s light rail network connecting to PATH trains and the ferry, proximity to Liberty State Park and a rapidly maturing retail and dining scene.
Other News
Devens Site Will Yield 65 Affordable Apartments
MassDevelopment has signed a letter of intent with Metro West Collaborative Development, a nonprofit affordable housing developer, for the sale of a 6.6-acre site at Adams Cir. in Devens. Metro West Collaborative Development intends to build 65 new apartments on the site. The proposal is among the first housing developments made possible by the Mass...
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High Art Pays $22.3M For 43 Unsold Condos At Toronto’s Line 5
A provincially backed investment fund has made its first move into Toronto’s battered condo market, paying $22.3M for 43 unsold units and shifting them into long-term rentals. High Art Capital acquired the condos at Line 5, the 1,005-unit, two-tower development at 117-127 Broadway Ave. near Yonge and Eglinton, The Globe and Mail reported, citing CoStar’s...
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NYC Launches Public Review of Plan for 4,000 Apartments on City-Owned Site
The Mamdani administration has launched public review of the redevelopment of 100 Gold St. in Lower Manhattan, a major step toward transforming a city-owned site into approximately 4,000 new homes, including around 1,000 permanently affordable, rent-stabilized homes. The updated plan adds roughly 300 additional homes to previous estimates. Following a competitive request for proposals process,...
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout