JLL arranges $41M financing for BELA in Jersey City
Loan proceeds funded Golden Glades Capital Management’s acquisition of the newly developed apartment property
MORRISTOWN, N.J., March 30, 2020 – JLL Capital Markets announced today that it has arranged $41 million in acquisition financing for BELA, a newly developed, 104-unit, luxury apartment community located 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 arrange the two-year, floating-rate loan that was provided by Ares Commercial Real Estate Corporation (NYSE: ACRE).
BELA is situated one block from Liberty State Park’s Hudson-Bergen Light Rail station and less than one mile from Interstate 78, which provides accessibility to the Hudson Waterfront, lower Manhattan and the greater New York MSA. Completed in 2019, the eight-story property features best-in-class construction and unit design, offering a diverse mix of spacious one- and two-bedroom apartments averaging 982 square feet. Units feature Caesarstone countertops, oversized wood cabinets, stainless steel appliances, island kitchens, full-size washers and dryers and large closets. Community amenities include rooftop views of the Manhattan and Jersey City skylines, a fitness center, yoga studio, grilling stations, outdoor lounge, club room and furnished suites for guests. BELA also offers onsite parking and bike storage via its first-floor garage and approximately 2,600 square feet of ground-level retail.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Director Matthew Pizzolato.
“BELA received tremendous interest from the lending community,” Pizzolato said. “Ares ultimately stepped up to offer the most attractive terms and structure that will allow Golden Glades Capital Management to execute their business plan and lease-up the property.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. 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 to create attractive investment opportunities for its founders’ personal capital gains. The firm accepts limited partnership commitments from select investors who share the objective of achieving attractive risk-adjusted returns while making a positive impact on distressed communities across the U.S. Golden Glades’ core focus is to leverage the extensive experience and network of its team of principals and advisors to make direct investments in real property and operating businesses located within Opportunity Zones.
About Ares Commercial Real Estate Corporation
Ares Commercial Real Estate Corporation is a specialty finance company. The company is primarily engaged in originating and investing in commercial real estate (CRE) loans and related investments. The company operates through principal lending segment. Its target investments include senior mortgage loans, subordinated debt, preferred equity, mezzanine loans and other CRE investment opportunities, including commercial mortgage-backed securities. These investments are generally held for investment and are secured, directly or indirectly, by office, multifamily, retail, industrial, lodging, senior-living, self-storage and other commercial real estate properties, or by ownership interests therein. Through the company's manager, Ares Commercial Real Estate Management LLC, it has investment professionals located across the United States and Europe who directly source loan opportunities for the company with owners, operators and sponsors of CRE properties.