JLL Capital Markets facilitated an $88.34 million, nonrecourse construction-to-perm financing loan through a national lender for Urby — Ironstate Development — and Panepinto Properties, according to a Tuesday announcement. The 10-year, fixed-rate funds will be used to develop Journal Square Urby, a 317-unit, high-rise multihousing community in the Journal Square neighborhood of Jersey City.
The property will feature a mix of studio, one-, two- and three-bedroom units with large windows, 9-foot ceilings, top-of-the-line appliances and tile bathroom flooring. Community amenities will include a state-of-the-art fitness center, yoga studio, large outdoor swimming pool, barbecue and grilling stations, rooftop resident lounge and a 3,000-square-foot café/bar open to the public.
Located at 532 Summit Ave. in Journal Square, the asset is ideally situated at the intersection of Summit and Pavonia avenues. The PATH, New Jersey Transit or private bus lines at the Journal Square Transportation Center are all within 0.3 miles from the property. Via the PATH, residents can be in Midtown Manhattan within 22 minutes, in Manhattan’s Financial District within 18 minutes or Newark Penn Station within 15 minutes. The property’s location also provides direct access to Interstates 78 and 95/New Jersey Turnpike. It is also within a 15-minute drive of Newark Liberty International Airport.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Senior Director Thomas E. Didio Jr.
“JLL is pleased to work alongside Ironstate and Panepinto to help capitalize Urby’s second delivery in the Jersey City market. Urby JSQ garnered significant interest from the nonrecourse construction market. Ultimately, the lender leveraged their existing presence in the submarket to provide an aggressive construction-to-perm bid that will help the borrower team build and stabilize this very exciting project,” Didio Jr. said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide, with offices in nearly 50 countries.