10A — September 17 - October 21, 2021 — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
F inancial D igest
JLLCapitalMarkets arranges loan to refinancenew luxurymulti-housing community in suburbanNYC BrightSpire provides $43 Million refinance on luxury Jersey City apartment building
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struction and unit design, BELA offers a diverse mix of spacious one- and two-bedroom apartments. The eight-
erty State Park’s Hudson-Ber- gen Light Rail station, BELA also is less than one mile from
ERSEY CITY, NJ — JLL Capi tal Markets an- nounced has arranged a $43 million bridge loan for BELA, a newly constructed, 104-unit, luxury multi-housing community in the growing Ber- gen-Lafayette neighborhood of Jersey City. JLL represented the borrow- er, Golden Glades Capital Management , in arranging a three-year, floating-rate loan with a financing subsidiary of BrightSpire Capital, Inc. that allowed the borrower to lower their cost of capital and finish their lease-up. Featuring best-in-class con-
Interstate 78, wh i ch pr o - vides acces- sibility to the Hudson Wa- terfront, low- er Manhat - tan and the greater New York MSA.
s tory prop- er ty ’ s com- munity ame- nities include rooftop views of the Man- hat tan and Jersey Ci ty
Matthew Pizzolato Thomas Didio, Jr.
skylines. BELA also offers onsite parking and bike stor- age via its first-floor garage and approximately 2,600 s/f of ground-floor retail. Situated one block from Lib-
The JLL Capital Markets debt team that represented the borrower was led by direc- tors Matthew Pizzolato and Thomas Didio, Jr. The team previously secured acquisition financing for the borrower in 2020, while the JLL Capital Markets Investment Sales Ad- visory team brokered the 2020 sale of the property. “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 ex- ecute 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.” MAREJ How real estate investors can use DST properties to replace debt in . . . This also means that Kay Properties & Investments mar- ketplace features investment opportunities with leverage that span a wide range of debt levels that can accommodate just about every investor’s particular needs. Also, for investors that don’t have any debt to replace since they owned their previous property free and clear of with no loans, Kay Properties DSTmarketplace also has debt free DST properties which have no mortgages. So, it is easy for investors to find options that fit their investment objec - tives and that can match their equity and debt targets. Alex Madden is vice president and DST 1031 expert at Kay Properties and Investments. MAREJ continued from page 6A
BELA
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