$58M in refinancing secured for an apartment building in center of Jersey City
JLL Capital Markets arranged refinancing for the 240-unit apartment building, 3 Journal Square, in Jersey City, New Jersey
MORRISTOWN, March 15, 2023 – JLL Capital Markets announced today that it has arranged the $58 million refinancing for 3 Journal Square, a 240-unit, luxury, mid-rise multi-housing apartment building located in Jersey City, New Jersey.
JLL represented the borrower, 3 Journal Square Urban Renewal, LLC, to secure the seven-year, fixed-rate loan through a life insurance company.
Built in 2017, 3 Journal Square offers one-, two- and three-bedroom units with bright, open layouts, full-size washers and dryers, chestnut wood 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 fire place and billiards, a rooftop deck with Manhattan skyline views and lounge areas and more.
Situated at 2955 John F. Kennedy Blvd., 3 Journal Square is set within the center of Jersey City in Journal Square, allowing residents the convenient walkability to area amenities, and is just steps from the Journal Square Path Station. Additionally, the property is proximate to major north-south and east-west road corridors, as well as the connections to the New Jersey Turnpike and Pulaski Skyway. The community is approximately three miles from the World Trade Center and New York City’s financial district, nine miles from Midtown Manhattan and seven miles from downtown Newark.
“This financing is a testament to the quality of product the developer has delivered to the market. 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,” said Didio.
The JLL Capital Markets Investment Sales Advisory team was led by Thomas Didio, Thomas E. Didio Jr., Gerard Quinn and John Cumming.
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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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 $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.