$88.34M financed for Jersey City multi-housing development
JLL Capital Markets completed the construction financing of the 317-unit Journal Square Urby in Jersey City, New Jersey
MORRISTOWN, May 10, 2022 – JLL Capital Markets announced today that it has closed the $88.34 million non-recourse construction-to-perm financing of Journal Square Urby, a 317-unit, high-rise multi-housing development in Journal Square neighborhood of Jersey City, New Jersey.
JLL represented the borrowers, Urby and Panepinto Properties, to secure the ten-year, fixed-rate construction-to-perm loan through an institutional lender.
Journal Square Urby will feature a mix of studio, one-, two- and three-bedroom units with large windows, nine-foot ceilings, top of the line appliances and tile bathroom flooring. Community amenities will include a state-of-the-art fitness center, yoga studio, large outdoor swimming pool, barbeque and grilling stations, rooftop resident lounge and a 3000-square-foot café/bar open to the public.
Located at 532 Summit Ave. in Journal Square, the property is ideally situated at the intersection of Summit Avenue and Pavonia Avenue. The PATH, NJ Transit or private bus lines at the Journal Square Transportation Center are all within 0.3 miles from the property. Via the PATH, residents can be in Midtown Manhattan within 22 minutes, in Manhattan’s financial district within 18 minutes or Newark Penn-Station within 15 minutes. The property’s location also provides direct access to the I-78, I-9 and I-95/NJ Turnpike. Within a 15-minute drive of Newark Liberty International Airport, the 14th highest passenger volume airport in the United States. Additionally, Journal Square is anchored by the Landmark Loews movie palace, which offers residents live music and art works.
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. 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,” stated Didio, Jr.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Urby Company
Founded by David Barry, Urby’s mission is to create extraordinary spaces with community and culture, brining more life to your life. Barry has been involved in the development of hospitality properties such as the Standard East Village, Chiltern Firehouse in London, and W Hotel in Hoboken, in addition to numerous residential projects in the New York metropolitan area. Urby collaborates on the brand’s unique architectural design with Concrete Architects, the Amsterdam-based architecture and interiors firm known for the designs of CitizenM Hotels around the world and W Hotels in London and Switzerland.
Since opening in 2016, Urby operates four properties in New York City, Jersey City and Harrison, New Jersey, and Stamford, Connecticut, with future developments opening in Newark, Dallas, and Washington D.C. Learn more at urby.com or Instagram at @urbylife.
About Panepinto Properties
Panepinto Properties excels at the art of developing distinctive luxury real estate developments that nurture the connections between people, creating vibrant communities within culturally relevant neighborhoods. Panepinto Properties has distinguished itself with a reputation as a pioneer for planning and developing innovative commercial, residential, hotel, and mixed-use developments, transforming urban neighborhoods since 1977. Over the past 40 years, Panepinto has been dedicated to the renaissance of Jersey City. Panepinto Properties’ philosophy is that buildings are just a beginning – what creates a place is the art, the culture, the architecture, an energetic, active outdoor living space. Sustainable developments are partnerships with the people, residents, store-owners, artists and architects that give a city life.