JLL Capital Markets arranged $12.5 million in acquisition financing for 380 Communipaw, a 40-unit luxury apartment community currently under construction that is located within a Qualified Opportunity Zone in Jersey City’s rapidly expanding Bergen-Lafayette neighborhood.
According to a Tuesday announcement, JLL worked on behalf of the borrower, Golden Glades Capital Management, to secure a two-year, floating-rate acquisition bridge loan through Sound Point Commercial Real Estate Finance, a unit of Sound Point Capital Management LP.
The five-story building will consist of 29,940 square feet of residential space and 3,100 square feet of ground floor commercial space. Averaging 749 square feet, the residential units will be a diverse mix of studios, one-bedroom and two-bedroom units that cater to young, working professionals. Additionally, the property will offer common-area outdoor and rooftop space.
Located at 380 Communipaw Ave., the site is just west of Jersey City’s Paulus Hook and Exchange Place neighborhoods. The location offers several outdoor spaces, including Liberty State Park, Lafayette Park and Berry Lane Park, along with proximity to Manhattan. The property is also proximate to dining and nightlife in downtown Jersey City, retail options at Newport Mall, Jersey City Medical Center, the Liberty Science Center and SciTech Scity.
The JLL Capital Markets Debt Placement team representing the borrower was led by Matthew Pizzolato, Thomas E. Didio Jr. and Salvatore Buzzerio.
“We were thrilled to continue our relationship with Golden Glades Capital Management and help them expand their portfolio in the Bergen-Lafayette neighborhood,” Pizzolato said. “Sound Point stepped up and offered an attractive floating-rate bridge loan that will allow our client to complete construction and stabilize this Class A multifamily asset.”