JLL Capital Markets secured joint-venture equity from Lakerock and a $16.5 million, five-year fixed-rate acquisition loan through RWC Lending for Jasmin Terrace II, a 56-unit luxury apartment building in Bergen-Lafayette.
The transaction includes a $16.5 million, five-year, fixed-rate acquisition loan provided through RWC Lending.
Jasmin Terrace II is a newly completed, 56-unit luxury multifamily building at 412 Whiton Street in Jersey City’s Bergen-Lafayette neighborhood.
JLL Capital Markets announced that it arranged both joint-venture equity and acquisition financing for Jasmin Terrace II, a 56-unit, newly built luxury apartment building in Jersey City's Bergen-Lafayette neighborhood. The firm worked on behalf of the borrower, Tower Management Service LP.
The acquisition loan totals $16.5 million. It is structured as a five-year, fixed-rate loan provided through RWC Lending. The financing package closed after JLL placed both the equity partner and the debt for the new partnership.
Jasmin Terrace II is a recently completed, 56-unit luxury apartment building located at 412 Whiton Street in Jersey City's Bergen-Lafayette area. The project opened roughly two years before this financing was arranged.
The deal brings a private equity partner into ownership of a small-scale, newly delivered multifamily asset in an up-and-coming Jersey City neighborhood. It also illustrates continued lender appetite for stabilized, recently completed multifamily in the market. The combination of joint-venture equity and a fixed-rate acquisition loan provides the new partnership with capital structure stability for the near term.
Practical implications for owners and investors
Owners of recently completed multifamily assets can look to a combination of joint-venture equity and fixed-rate acquisition loans to replace construction or sponsor equity, lock in cost of funds, and share development risk. For investors, partnering with an operator like Tower Management Service LP supported by an equity partner can be a pathway to acquiring stabilized assets with a predictable near-term capital plan.
A recently completed residential development in one of Jersey City’s up-and-coming neighborhoods has secured joint venture equity and acquisition financing just about two years after opening.
Namdar Group secured $310 million in construction financing, arranged by Newmark, for 555 Summit Ave., a Jersey City project with 863 apartments in its first phase. The post Jersey City multifamily project secures $310M construction loan appeared first on NJBIZ .
A developer that already has an epic history in Jersey City’s Journal Square neighborhood is about to embark on their tallest project yet as financing has been secured to fund a 47-story tower.
One of Jersey’s City’s most prolific developers has secured yet more financing for the first 42-story phase of their latest mixed-use development in Journal Square.
Commercial real estate finance and advisory services firm Walker & Dunlop Inc. announced Sept. 3 that it has arranged $390 million in construction financing for Park Tower, a new Class A mixed-use multifamily development in Jersey City’s white-hot Journal Square neighborhood. Walker & Dunlop Capital Markets Institution
Loading more related stories...
Open the app view to save this story, compare related coverage, and continue from the same source.