JLL arranges $12.5M in acquisition financing for 380 Communipaw
Loan proceeds funded Golden Glades Capital Management’s acquisition of the newly developed luxury apartment property
MORRISTOWN, N.J., Jan. 11, 2022– JLL Capital Markets announced today that it has arranged $12.5 million in acquisition financing for 380 Communipaw, a 40-unit luxury apartment community currently under construction within a Qualified Opportunity Zone in Jersey City’s rapidly expanding Bergen-Lafayette neighborhood.
JLL worked on behalf of the borrower, Golden Glades Capital Management, to secure a two-year, floating-rate acquisition bridge loan through Sound Point Commercial Real Estate Finance, a unit of Sound Point Capital Management, LP.
The five-story building will consist of 29,940 square feet of residential space and 3,100 square feet of ground-floor commercial space. Averaging 749 square feet, the residential units will be a diverse mix of studios, one-bedroom and two-bedroom units that cater to young, working professionals. Additionally, the property will offer common-area outdoor and rooftop space.
Located at 380 Communipaw Ave. in the Bergen-Lafayette neighborhood, the site is just west of Jersey City’s Paulus Hook and Exchange Place neighborhoods. The location offers several outdoor spaces, including Liberty State Park, Lafayette Park and Berry Lane Park, along with proximity to Manhattan. The property is also proximate to dining and nightlife in downtown Jersey City, retail options at Newport Mall, Jersey City Medical Center, the Liberty Science Center and SciTech City.
The JLL Capital Markets Debt Placement team representing the borrower was led by Matthew Pizzolato, Thomas E. Didio, Jr. and Salvatore Buzzerio.
“We were thrilled to continue our relationship with Golden Glades Capital Management and help them expand their portfolio in the Bergen-Lafayette neighborhood,” Pizzolato said. “Sound Point stepped up and offered an attractive floating-rate bridge loan that will allow our client to complete construction and stabilize this Class A multifamily asset.”
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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Golden Glades Capital Management
Golden Glades Capital Management was established in 2019 and is led by an expert team of key principals with extensive experience in the financial services and real estate industries. The firm seeks long-term private investments in designated economically distressed communities known as Opportunity Zones. Golden Glades leverages its profound experience and network to make high-performing direct investments in real property and businesses. The Sponsor seeks investments that generate positive economic and social impacts on the surrounding community.