In Jersey City’s Journal Square, a luxury, mid-rise apartment building secured refinancing to the tune of $58 million.
JLL Capital Markets represented the borrower, 3 Journal Square Urban Renewal LLC, to arrange the seven-year, fixed-rate loan through a life insurance company, the firm announced March 15.
The property features 240 units – a mix of one-, two- and three-bedroom residences – with bright, open layouts, full-size washers and dryers, chestnut vinyl flooring, granite kitchen countertops, stainless steel appliances, custom kitchen cabinetry and quartz bathroom countertops.
Community amenities include a state-of-the-art health and fitness center, a yoga studio, a resident lounge with fireplace and billiards, a rooftop deck with Manhattan skyline views and lounge areas and more.
The JLL Capital Markets Investment Sales Advisory team was led by Senior Managing Director Thomas Didio, Senior Director Thomas Didio Jr., Director Gerard Quinn and Analyst John Cumming.
“This financing is a testament to the quality of product the developer has delivered to the market,” Didio said in a statement. “The lender stepped up to the plate and delivered very strong economic terms to allow the partnership to continue operating this tremendous asset in a burgeoning submarket of Jersey City. JLL is grateful to play a role in continuing to grow the relationship between the developer and lender teams.”
The property made its debut in 2017, developed by Panepinto Properties and venture partner Hartz Mountain.
“This project is the final phase of a development that began in 1980,” Joe Panepinto, CEO and president of Panepinto Properties, said at the time. “The city owned this property and it was vacant for 30 years, paying no taxes. They put the property up for sale. First time they put it up, no one bid. Second time they put it up, I was the only one who bid.”
Located at 2955 John F. Kennedy Blvd., 3 Journal Square offers walkability to area amenities, in addition to the Journal Square Path Station. Automobile travel is convenient due to its proximity to major north-south and east-west corridors and connections to the New Jersey Turnpike and Pulaski Skyway."