A trailblazing two-tower development along Columbus Drive just obtained a healthy chuck of refinancing just about a decade after wrapping construction.
JLL Capital Markets, in conjunction with BlueGate Partners LLC, announced that it has arranged a $340 million refinancing for 50 & 70 Columbus, a 938-unit mixed-use complex not far from the Grove Street PATH station. The development, fully completed in 2015, includes a pair of high rises that rise 36 and 48 stories.
JLL and BlueGate represented the borrower, a joint venture between Ironstate Development Company and Panepinto Properties, in securing the balance sheet loans through Truist Financial Corporation. The residences at the complex at 98% leased.
“This transaction underscores Truist’s commitment to long-term relationships with premier real estate investors in the Northeast, a key growth market for us,” said Rebecca M. Cox, Senior Vice President and Market Manager at Truist National Real Estate. “Led by Katie Kennedy, our team delivered a financing solution that reflects both our balance sheet strength and our confidence in Jersey City.”
50 & 70 Columbus feature studios, one-, two- and three-bedroom units with large windows. The development was one of the largest scale projects along Columbus Drive when the first tower was opened way back in 2007.
Residents at the complex enjoy amenities like a heated outdoor swimming pool, state-of-the-art gym, rooftop deck with BBQ grills, outdoor basketball court, sundeck, and more. The ground floor of the properties features 27,746 square feet of fully leased commercial space.
JLL Capital Market’s Debt Advisory team was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, and Senior Analyst Michael Mataras.
“50 & 70 Columbus represent high-quality multifamily assets in one of the strongest transit-oriented locations in the New York metropolitan area,” said Didio, Jr. “Combining the property’s exceptional location atop the Grove Street PATH Station with an outstanding amenity package and strong sponsorship has driven continued renter demand to these assets.”
