A recently completed residential development in one of Jersey City’s up-and-coming neighborhoods has secured joint venture equity and acquisition financing just about two years after opening.
JLL announced the deal for Jasmin Terrace II, a 56-unit, newly built, luxury apartment building at 412 Whiton Street in Jersey City’s Bergen-Lafayette area. JLL worked on behalf of the borrower, Tower Management Service LP, to arrange a joint venture equity investment from Lakerock, forming a new partnership between the two firms.
JLL then represented the partnership in securing the $16.5 million, five-year, fixed-rate acquisition loan through RWC Lending. JLL’s Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Thomas R. Didio and Thomas E. Didio Jr., Senior Director Gerard Quinn, Associate Michael Mataras and Senior Analyst Joseph Gruber.
“We’re honored to represent Tower Management as they make their entry into the Jersey City market,” said Quinn. “Jasmin Terrace II is well-positioned to capitalize on the growing demand for luxury rental product in Bergen-Lafayette, and we’re thrilled to have structured both the joint venture with Lakerock and the acquisition financing to support Tower’s expansion into this dynamic market.”
Delivered in 2024, Jasmin Terrace II offers eight stories of residential living featuring two- and three-bedroom apartment homes. Each unit features a private terrace, nine-foot ceilings, stainless steel appliances, quartz countertops, vinyl plank flooring, and in-home laundry.
Community amenities include a rooftop lounge, fitness center, fire pit and BBQ grills, a secure package area, and garage parking.
Jasmin Terrace II is one of a plethora of mid-size developments that have emerged in the area around the Liberty State Park Light Rail Station, where the landscape has changed dramatically over the last decade.
