One of the redevelopments that has proliferated near Liberty State Park in recent years has nabbed a refinancing deal following the buildout of its two phases.
JLL Capital Markets announced that it has arranged a $71.96 million refinancing for The Hazel, a 201-unit luxury apartment community in Jersey City’s Bergen-Lafayette neighborhood. JLL represented the developers, a partnership between Alpine Residential and Fields Grade, in securing a five-year, fixed-rate balance sheet loan through Truist Bank.
The Hazel, located at 89 Monitor Street, was developed in two phases. The initial component consisted of 114 units, which were completed in early 2022, while the second phase added 87 units last year. The seven-story mid-rise community features 190 market-rate and 11 affordable units with average unit sizes of 747 square feet.
The property offers a mix of studios, one, and two-bedroom units, all finished with luxury plank flooring, quartz countertops, stainless-steel kitchen appliances, in-unit washers and dryers and nine-foot ceilings.
JLL Capital Market’s Debt Advisory team was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr., Associate Michael Mataras and Analyst Tyler Caricato.
“The successful refinancing of The Hazel demonstrates the continued strength of the Jersey City multifamily market,” said Didio, Jr. “The property’s strategic location near Liberty State Park and excellent transit connectivity to Manhattan make it an exceptional investment in one of New Jersey’s most dynamic markets.”
JLL says that Jersey City continues to benefit from the office tenant migration from Midtown Manhattan to Hudson Yards and the west side of Manhattan, driving demand for multifamily housing. The Jersey City Waterfront Multifamily Submarket has absorbed 10,920 units since 2018, while average asking rents increased 28% from $3,400 to $4,350 during that period.
Residents at The Hazel enjoy amenities including a sky lounge, rooftop pool, outdoor mist station, state-of-the-art fitness center, co-working space, and secured package room. The property also boasts 9,588 square feet of commercial space across four storefronts that house a delicatessen, fitness professional, childcare provider, and package service.
Bergen-Lafayette is one of the fastest-growing areas of Jersey City, and several other developments near The Hazel are currently under construction.
