MORRISTOWN, NJ – JLL Capital Markets announced today that it has closed the $88.34 million non-recourse construction-to-perm financing of Journal Square Urby, a 317-unit, high-rise multi-housing development in Journal Square neighborhood of Jersey City, New Jersey.
JLL represented the borrowers, Urby and Panepinto Properties, to secure the ten-year, fixed-rate construction-to-perm loan through an institutional lender.
Journal Square Urby will feature a mix of studio, one-, two- and three-bedroom units with large windows, nine-foot ceilings, top of the line appliances and tile bathroom flooring. Community amenities will include a state-of-the-art fitness center, yoga studio, large outdoor swimming pool, barbeque and grilling stations, rooftop resident lounge and a 3000-square-foot café/bar open to the public.
Located at 532 Summit Ave. in Journal Square, the property is ideally situated at the intersection of Summit Avenue and Pavonia Avenue. The PATH, NJ Transit or private bus lines at the Journal Square Transportation Center are all within 0.3 miles from the property. Via the PATH, residents can be in Midtown Manhattan within 22 minutes, in Manhattan’s financial district within 18 minutes or Newark Penn-Station within 15 minutes. The property’s location also provides direct access to the I-78, I-9 and I-95/NJ Turnpike. Within a 15-minute drive of Newark Liberty International Airport, the 14th highest passenger volume airport in the United States. Additionally, Journal Square is anchored by the Landmark Loews movie palace, which offers residents live music and art works.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Senior Director Thomas E. Didio, Jr.
“JLL is pleased to work alongside Ironstate and Panepinto to help capitalize Urby’s second delivery in the Jersey City market. Urby JSQ garnered significant interest from the non-recourse construction market. Ultimately, the lender leveraged their existing presence in the submarket to provide an aggressive construction-to-perm bid that will help the borrower team build and stabilize this very exciting project,” stated Didio, Jr.