March 2023

F inancial D igest F eaturing 1031 E xchange

M id A tlantic Real Estate Journal —March 2023 — 3A

Fields Grade and Park Stone Management refinance Jersey City rental DeLillo & Schulder of BlueGate Partners arrange $37 Million financing provided by Lakeland Bank J

and create a connection to the surrounding neighborhood. “Journal Square continues to gain momentum as a renewed living, business, cultural and shopping hub, all supported by a comprehensive transporta- tion network,” said Jonathan Feifer , founder and principal of Park Stone Management. “We’re delighted that Le Léo has been well received in this competitive market and look forward to completing the lease-up in short order and stabilizing the asset.” Situated just off John F. Ken - nedy Blvd. Le Léo is less than a ten-minute walk to the Journal Square Transportation Center anchored by PATH service to lower and midtown Manhat - tan, Jersey City, Hoboken and Newark. NJ Transit and private buses also serve the neighborhood daily, providing convenient access to major employment and recreation centers on both sides of the Hudson River. MAREJ

ERSEY CITY, NJ — De- velopment partners Park Stone Management and Fields Grade Development Company have received a $37 million-dollar permanent loan to refinance Le Léo, a 99-unit luxury rental building in Jersey City’s Journal Square. Mark DeLillo and Marc Schulder of BlueGate Part- ners represented the owners in arranging the financing which was provided by Lake- land Bank and authorized by Ryan Greer. Located at 244 St Paul’s Ave’, just minutes from the Journal Square PATH Station with direct service to Manhat - tan, the six-story building came to market late last year. In addition to studio, one- and two-bedroom apartments, the building features a suite of amenities and social spaces including a lobby lounge, state- of-the-art fitness center and yoga studio, resident lounge, and co-working space. An

Le Léo

outdoor dog run, resident stor - age, bike storage, and enclosed garage parking. Designed by MHS Archi- tecture , Le Léo also includes

street-level retail space occu - pied by Choc-O-Pain French Bakery which is integrated into the lobby lounge to en - hance the resident experience

outdoor rooftop terrace fea - tures private dining areas and BBQs, sun loungers, a misting station, and firepits with seat - ing. Conveniences include an

Wood, Wells, Abboud, and Lowry arranges $16.214 Million loan for 82-unit apartment building Northmarq’s Richmond office secures $38.14M in construction financing

RICHMOND, VA — North- marq’s debt and equity team of Keith Wells, Hunter Wood, Reina Abboud, and Mike Lowry secured a $38,137,000 construction loan for the devel - opment of Lake Forest at Swift Creek located at 5950 Harbour Lane in Midlothian, VA. The 176-unit senior housing is be - ing developed by The Holladay Corporation. Financing was sourced through Sandy Spring Bank, and the development is estimated to be completed in 2024. The luxury apartment com - munity will consist of one, three to four-story building, situated on 11.7 acres and 18 miles from downtown Rich - mond. Lake Forest at Swift Creek is designed for active adults ages 55 and older who will enjoy a short walk to Swift Creek Reservoir. Located just off Interstate 360, the property boasts an excellent location with various grocery stores

Lake Forest at Swift Creek in Midlothian, VA

10520 Stony Bluff Drive in Ashland, VA

restaurants, and retailers within a five-minute drive. Northmarq’s Hunter Wood, Keith Wells, Reina Abboud, and Mike Lowry arranged a $16.214 million loan for an 82- unit luxury apartment building located at 10520 Stony Bluff Drive in Ashland, VA. North - marq arranged financing for

the borrower through its rela - tionship with a regional bank. The three, four-story build - ings are slated for completion in 2023 and offers spacious one- and two-bedroom floor - plans. Newly designed, Stony Run provides low maintenance living with top-of-the-line fa - cilities, such as a resort-style

pool, clubhouse, dog park, and fitness center. Residents will enjoy an incredible loca - tion as well, just two minutes from I-95. Apartment amenities in - clude: Brand new stainless steel appliances, balconies or patios, granite countertops, 9-foot ceilings, washer and dry -

er, peerless faucets, ceramic tile, and double sinks. Commu - nity amenities include: Cardio and free weights room, mailbox station, sitting room, worksta - tions, public restrooms, nature areas, walking trails, a dog park, pergolas, swimming pool with sun shelves, hot tub, fire pit, and a cabana. MAREJ

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