JLL Capital Markets, in conjunction with BlueGate Partners LLC, announced that it has arranged a $340 million refinancing for 50 & 70 Columbus, a 938-unit mixed-use property located in Jersey City, New Jersey.
JLL and BlueGate represented the borrower, a joint venture between Ironstate Development Company and Panepinto Properties, in securing the balance sheet loans through Truist Financial Corporation, which served as Administrative Agent and Sole Bookrunner on the transaction.
Constructed in 2007 and 2015, respectively, 50 & 70 Columbus are high-rise residential towers spanning 36 and 48 stories. The communities feature studios, one-, two- and three-bedroom units with luxury finishes including in-unit washers and dryers, walk-in closets, hardwood floors, stone countertops and stainless-steel kitchen appliances. Large windows provide abundant natural lighting and scenic views of the Hudson River and New York City skyline. The properties contain 27,746 square feet of fully-leased commercial space and maintain strong occupancy exceeding 98%.
Ideally situated directly atop the Grove Street PATH station, the properties offer residents unparalleled connectivity to Manhattan, with the World Trade Center and Penn Station accessible in under 30 minutes. The location benefits from Jersey City’s continued growth as a premier residential destination, with the local Class A multifamily market experiencing strong performance and consistent rent growth.
“This transaction underscores Truist’s commitment to long-term relationships with premier real estate investors in the Northeast, a key growth market for us,” said Rebecca M. Cox, Senior Vice President and Market Manager at Truist National Real Estate. “Led by Katie Kennedy, our team delivered a financing solution that reflects both our balance sheet strength and our confidence in Jersey City.”
JLL Capital Market’s Debt Advisory team, representing the borrower, was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn and Senior Analyst Michael Mataras.
“50 & 70 Columbus represent high-quality multifamily assets in one of the strongest transit-oriented locations in the New York metropolitan area,” said Didio, Jr. “Combining the property’s exceptional location atop the Grove Street PATH Station with an outstanding amenity package and strong sponsorship has driven continued renter demand to these assets.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
