Two prominent projects in Jersey City’s Bergen-Lafayette neighborhood have received a significant cash injection, securing new funding just months after launching their leasing operations.
JLL Capital Markets announced that they arranged a $81.195 million financing deal for Atlas and Starling, two newly constructed multi-housing properties in Jersey City. The company represented the borrower, Alpine Residential, to originate a pair of five-year, interest only fixed-rate Freddie Mac loan for the properties, both of which will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.
Atlas, located at 270 Johnston Avenue, is a 24-story project across from the Liberty State Park Light Rail Station. It is the tallest development in the neighborhood and includes 169 units, including 11 affordable units.
The other project, Starling at 66 Monitor Street, is smaller at 39 units and adaptively reused and expanded a historic warehouse into a mixed-use complex. A new restaurant called The Roxy from the group behind Jersey City’s famed Corto opened last year on the ground floor, with a Mochi Dough outpost coming to the property soon.
The loan proceeds will be used to take out the existing construction loans, which were also arranged by JLL. The team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr. and Senior Analyst Michael Mataras.
“We are pleased to have assisted Alpine Residential in securing permanent financing for these two high-quality multi-housing assets in Bergen-Lafayette,” said Didio, Jr. “The assets’ exceptional location and submarket leading amenities, combined with unparalleled access to the Light Rail and mass transit, attracted significant lender interest for this refinancing.”
