Five hundred new sustainable residences are coming to Jersey City’s Bergen-Lafayette neighborhood. Scholars Village will be a new Class A multifamily community near Liberty Science Center and steps from Liberty State Park. Two 12-story towers will house studios, one-, two-, and three-bedroom units, featuring modern design, a broad array of amenities, and breathtaking views of Manhattan and the Statue of Liberty. The ground floor will include 4,101 square feet of commercial space.
JLL Capital Markets arranged a $142.7 million construction loan and equity placement for Scholars Village, representing Alpine Residential, the borrower. JLL Capital Market’s Debt & Equity Advisory was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., and Senior Analyst Michael Mataras. The team secured the four-year construction loan through Bank OZK and arranged a preferred equity investment from EOS Residential Investors.
Located at 189 Phillip Street, Scholars Village will offer a fitness center, rooftop terraces, and co-working spaces. The new community will be surrounded by plazas, garden,s and greenways. With easy access to the Liberty State Park Light Rail station, residents will be connected to the rest of Jersey City and Manhattan via PATH Trains.
JLL Capital Markets provides capital solutions for real estate investors and occupiers. The firm’s global and local investor knowledge centers on solutions for clients with services including investment sales and advisory, debt advisory, equity advisory and recapitalization. The organization has more than 3,000 specialists with offices in nearly 50 countries.
