Journal Square Urby secures $88.34M in financing

Listen to this article

With a location that can’t be beat — nearby PATH, NJ Transit and private bus lines at the Journal Square Transportation Center, along with direct access to Interstates 78 and 95, and Route 9 — multi-housing development Journal Square Urby offers 317 units at the intersection of Summit and Pavonia avenues in Jersey City.

On May 10, JLL Capital Markets announced it closed on $88.34 million non-recourse construction-to-perm financing for the property at 532 Summit Ave. on behalf of the borrowers, Urby and Panepinto Properties. The 10-year, fixed-rate loan was provided through an institutional lender.

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

“JLL is pleased to work alongside Ironstate and Panepinto to help capitalize Urby’s second delivery in the Jersey City market,” Didio Jr. stated. “Urby JSQ garnered significant interest from the non-recourse construction market. Ultimately, the lender leveraged their existing presence in the submarket to provide an aggressive construction-to-perm bid that will help the borrower team build and stabilize this very exciting project.”

Journal Square Urby will offer studio, one-, two- and three-bedroom units with large windows, 9-foot ceilings, high quality appliances and tile flooring in the bathrooms, JLL said. Among the community amenities set for the property are a fitness center, yoga studio, outdoor swimming pool, grilling stations, a rooftop resident lounge, and a 3,000-square-foot café and bar, that is also open to the public.

The Urby brand is already present in Jersey City at Harborside and  in Harrison, where the number of units available now tops 1,000. Work is underway on Urby Newark, as well, which will bring the mixed-use development to Washington Street.