JLL Capital Markets announced on Monday it has arranged $41 million in acquisition financing for BELA, a newly-developed luxury apartment community located within a qualified opportunity zone in Jersey City’s Bergen-Lafayette neighborhood.
JLL’s Thomas Didio, senior managing director, and Matthew Pizzolato, director; worked on behalf of the borrower, Golden Glades Capital Management, to arrange a two-year, floating-rate loan, which was provided by Ares Commercial Real Estate Corp.
The 104-unit BELA is located one block from Liberty State Park’s Hudson-Bergen Light Rail station and is less than a mile from Interstate 287. Completed in 2019, the eight-story property offers a mix of one- and two-bedroom apartments averaging 982 square feet. Unit amenities feature Caesarstone countertops, oversized cabinets, stainless steel appliances, isand kitchens, washer and dryers in-unit, and large closets. Community amenities include rooftop views of Manhattan and Jersey City, a fitness center, yoga studio, grilling stations, outdoor lounge, club room, furnished suites for guests, onsite parking, bike storage, and 2,600 square feet of ground-floor retail.
“BELA received tremendous interest from the lending community,” Pizzolato said. “Ares ultimately stepped up to offer the most attractive terms and structure that will allow Golden Glades Capital Management to execute their business plan and lease-up the property.”