Jersey City luxury multifamily property refinanced for $43M

JLL Capital Markets has arranged a $43 million refinancing for a luxury multifamily community in Jersey City, it announced Monday.

The firm secured the bridge loan for BELA, which has 104 units in the Bergen-Lafayette neighborhood. JLL represented the borrower, Golden Glades Capital Management, in arranging the three-year, floating-rate loan. The lender is a financing subsidiary of BrightSpire Capital Inc.

Proceeds will help lower the cost of capital and finish lease-up for the project.

The JLL team representing the borrower was led by Matthew Pizzolato and Thomas E. Didio Jr., directors. The team had previously secured acquisition financing in 2020, while a JLL Capital Markets investment sales advisory team brokered the 2020 sale of the property.

“We are thrilled to continue our relationship with Golden Glades Capital Management and once again represent them on this high-quality asset,” Pizzolato said in a prepared statement. “They’ve done a tremendous job through lease-up since acquiring this property in the heart of COVID. BrightSpire Capital recognized this and stepped up to offer extremely attractive terms that allowed our borrower to recapitalize and lower their cost of capital.”