07/26/2021 | Press release | Distributed by Public on 07/26/2021 10:16
MORRISTOWN, N.J., July 26, 2021 - JLL Capital Markets announced today that it has arranged a $43 million bridge loan for BELA, a newly constructed 104-unit luxury multi-housing community in the growing Bergen-Lafayette neighborhood of Jersey City, New Jersey.
JLL represented the borrower, Golden Glades Capital Management, in arranging a three-year, floating-rate loan with a financing subsidiary of BrightSpire Capital, Inc. (NYSE: BRSP) that allowed the borrower to lower their cost of capital and finish their lease-up.
Featuring best-in-class construction and unit design, BELA offers a diverse mix of spacious one- and two-bedroom apartments averaging 982 square feet. Units include Caesarstone countertops, oversized wood cabinets, stainless steel appliances, island kitchens, full-size washers and dryers and large closets. The eight-story property's community amenities include rooftop views of the Manhattan and Jersey City skylines, a fitness center, yoga studio, grilling stations, outdoor lounge, club room and furnished suites for guests. BELA also offers onsite parking and bike storage via its first-floor garage and approximately 2,600 square feet of ground-floor retail.
Situated one block from Liberty State Park's Hudson-Bergen Light Rail station, BELA also is less than one mile from Interstate 78, which provides accessibility to the Hudson Waterfront, lower Manhattan and the greater New York MSA.
The JLL Capital Markets debt team that represented the borrower was led by Directors Matthew Pizzolato and Thomas E. Didio, Jr. The team previously secured acquisition financing for the borrower in 2020, while the 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. '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.'
'JLL's New Jersey Capital Markets team has been at the forefront of many of the largest Hudson County and Northern New Jersey's multi-housing trades and financings over the past 18 months,' Dido added. 'This financing is a testament to the cohesive approach our market-leading practice takes servicing our clients, both on investment advisory and debt and equity financing. We are grateful to the Golden Glades team in entrusting us to execute this bridge financing that will allow them to stabilize full occupancy and season the asset's performance at a cheap cost of capital with flexible structure.'
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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