$88.34 million funded for multiple housing development in Jersey City

JLL Capital Markets today announced that it has closed $88.34 million non-recourse financing for the lifespan construction of Journal Square Urby, a 317-unit high-rise development in the Journal Square neighborhood of Jersey. City, New Jersey.

JLL acted for the borrowers, Urby and Panepinto Properties, to secure the ten-year fixed rate construction loan through an institutional lender.

Journal Square Urby will feature a mix of studio, one-, two-, and three-bedroom units with large windows, nine-foot ceilings, high-end appliances, and tile bathroom floors. Community facilities will include a state-of-the-art fitness center, yoga studio, large outdoor swimming pool, barbecue and grilling stations, rooftop residents’ lounge and a 3,000 square foot cafe/bar open to the public. .

Located at 532 Summit Ave. in Journal Square, the property is conveniently located at the intersection of Summit Avenue and Pavonia Avenue. The PATH, NJ Transit, or Journal Square Transportation Center private bus lines are all within 500 yards of the property. Via the PATH, residents can be in Midtown Manhattan in 22 minutes, Manhattan’s Financial District in 18 minutes, or Newark Penn-Station in 15 minutes. The property’s location also provides direct access to I-78, I-9, and I-95/NJ Turnpike. Less than 15 minutes drive from Newark Liberty International Airport, the 14th busiest airport in the United States. Additionally, Journal Square is anchored by the Landmark Loews Cinema Palace, which provides residents with live music and artwork.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Senior Managing Director Thomas E. Didio, Jr.

“JLL is excited to work alongside Ironstate and Panepinto to help capitalize on Urby’s second delivery to the Jersey City market. Urby JSQ has generated considerable interest in the non-recourse construction market. Ultimately, the lender has leveraged its existing presence in the submarket to provide an aggressive build-to-permanent offer that will help the borrower’s team build and stabilize this very exciting project,” said Didio, Jr.

JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

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