JLL Capital Markets has arranged a $142.7 million construction loan and equity placement for Scholars Village, a 500-unit Class A multifamily development in Jersey City’s Bergen-Lafayette neighborhood.
The financing package includes a four-year, floating-rate construction loan from Bank OZK and a preferred equity investment from EOS Residential Investors. JLL represented the borrower, Alpine Residential, in the transaction.
Located at 189 Phillip St., adjacent to the Liberty Science Center and near Liberty State Park, Scholars Village will feature two 12-story buildings with modern residences and 4,101 square feet of ground-floor retail space. The development will offer studio, one-, two-, and three-bedroom units with high-end finishes and amenities, including a fitness center, co-working spaces, and rooftop terraces with skyline views.
With a prime transit-oriented location near the Liberty State Park Light Rail station, residents will have convenient access to Jersey City and Manhattan via PATH connections.
JLL’s Debt & Equity Advisory team for the deal was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., and Senior Analyst Michael Mataras.
