$340M refinancing secured for 50 & 70 Columbus in Jersey City
JLL (NYSE:JLL) and BlueGate Partners have successfully arranged a $340 million refinancing for 50 & 70 Columbus, a premier mixed-use property in Jersey City's Waterfront district. The refinancing was secured through Truist Financial Corporation for the property owners, a joint venture between Ironstate Development Company and Panepinto Properties.
The property consists of two high-rise residential towers (36 and 48 stories) with 938 luxury units and 27,746 square feet of fully leased commercial space. Built in 2007 and 2015, the development maintains strong occupancy exceeding 98% and features premium amenities including a heated outdoor pool, gym, and rooftop deck. The property's strategic location directly above the Grove Street PATH station provides quick access to Manhattan.
JLL (NYSE:JLL) e BlueGate Partners hanno messo a punto un rifinanziamento da 340 milioni di dollari per 50 e 70 Columbus, un immobile di pregio a uso misto nel quartiere Waterfront di Jersey City. Il finanziamento 猫 stato ottenuto tramite Truist Financial Corporation per i proprietari dell鈥檌mmobile, una joint venture tra Ironstate Development Company e Panepinto Properties.
La propriet脿 comprende due torri residenziali di grande altezza (36 e 48 piani) con 938 unit脿 di lusso e 27.746 piedi quadrati di spazi commerciali completamente locati. Costruito nel 2007 e nel 2015, il complesso mantiene un鈥檈levata occupazione superiore al 98% e offre servizi di livello quali piscina esterna riscaldata, palestra e terrazza sul tetto. La posizione strategica, direttamente sopra la stazione PATH di Grove Street, garantisce un collegamento rapido con Manhattan.
JLL (NYSE:JLL) y BlueGate Partners han logrado un refinanciamiento de 340 millones de d贸lares para 50 y 70 Columbus, una propiedad mixta de primer nivel en el distrito Waterfront de Jersey City. El pr茅stamo fue asegurado a trav茅s de Truist Financial Corporation para los propietarios, una joint venture entre Ironstate Development Company y Panepinto Properties.
La propiedad consta de dos torres residenciales de gran altura (36 y 48 pisos) con 938 unidades de lujo y 27.746 pies cuadrados de espacio comercial totalmente arrendado. Construida en 2007 y 2015, la promoci贸n mantiene una s贸lida ocupaci贸n superior al 98% y cuenta con servicios premium como piscina exterior climatizada, gimnasio y terraza en la azotea. Su ubicaci贸n estrat茅gica, justo encima de la estaci贸n PATH de Grove Street, ofrece acceso r谩pido a Manhattan.
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頃措嫻 鞛愳偘鞚� 36旄� 氚� 48旄奠潣 瓿犾傅 欤缄卑 韮�鞗� 2臧滊 鞚措（鞏挫牳 鞛堨溂氅� 順疙檾 鞙犽嫑 938臧�甑�鞕赌 鞕勳爠 鞛勲寑霅� 27,746韽夒癌頂柬姼鞚� 靸侅梾瓿店皠鞚� 臧栰稊瓿� 鞛堨姷雼堧嫟. 2007雲勱臣 2015雲勳棎 瓯挫劋霅� 鞚� 雼電� 98%鞚� 雱橂姅 雴掛潃 鞝愳湢鞙潉 鞙犾頃橁碃 鞛堨溂氅�, 鞓垬 鞎检櫢 靾橃榿鞛�, 頂柬姼雼堨姢 靹柬劙, 鞓レ儊 雿绊伂 霌� 頂勲Μ氙胳梽 韼胳潣鞁滌劋鞚� 鞝滉车頃╇媹雼�. Grove Street PATH 鞐� 氚旊 鞙勲澕電� 鞝勲灥鞝� 鞙勳箻搿� 毵暣韸检溂搿滌潣 牍犽ジ 鞝戧芳鞚� 臧�電ロ暕雼堧嫟.
JLL (NYSE:JLL) et BlueGate Partners ont orchestr茅 avec succ猫s un refinancement de 340 millions de dollars pour 50 et 70 Columbus, un immeuble mixte de premier plan dans le quartier Waterfront de Jersey City. Le refinancement a 茅t茅 obtenu via Truist Financial Corporation pour les propri茅taires, une coentreprise entre Ironstate Development Company et Panepinto Properties.
La propri茅t茅 comprend deux tours r茅sidentielles de grande hauteur (36 et 48 茅tages) totalisant 938 logements de standing et 27 746 pieds carr茅s d鈥檈spaces commerciaux enti猫rement lou茅s. Construite en 2007 et 2015, la r茅sidence affiche un taux d鈥檕ccupation solide sup茅rieur 脿 98% et propose des 茅quipements haut de gamme tels qu鈥檜ne piscine ext茅rieure chauff茅e, une salle de sport et une terrasse sur le toit. Situ茅e directement au鈥慸essus de la station PATH de Grove Street, elle offre un acc猫s rapide 脿 Manhattan.
JLL (NYSE:JLL) und BlueGate Partners haben eine 340 Millionen US-Dollar Refinanzierung f眉r 50 & 70 Columbus in Jersey Citys Waterfront-Viertel erfolgreich arrangiert. Die Refinanzierung wurde 眉ber Truist Financial Corporation f眉r die Immobilieneigent眉mer gesichert, ein Joint Venture zwischen Ironstate Development Company und Panepinto Properties.
Das Objekt besteht aus zwei hoch aufragenden Wohngeb盲uden (36 und 48 Stockwerke) mit 938 luxuri枚sen Einheiten und 27.746 Quadratfu脽 vollst盲ndig vermieteter Gewerbefl盲chen. Errichtet in den Jahren 2007 und 2015, weist die Anlage eine starke Belegungsrate von 眉ber 98% auf und bietet hochwertige Annehmlichkeiten wie beheiztes Au脽enbecken, Fitnessstudio und Dachterrasse. Die strategische Lage direkt 眉ber der Grove Street PATH-Station erm枚glicht schnellen Zugang nach Manhattan.
- Secured substantial $340 million refinancing, demonstrating strong lender confidence
- High occupancy rate exceeding 98% for both residential and commercial spaces
- Strategic location above PATH station provides direct Manhattan access
- 27,746 square feet of fully leased commercial space providing diversified income
- None.
Insights
JLL secured a substantial $340M refinancing for a prime Jersey City property, demonstrating strong institutional confidence in transit-oriented multifamily assets.
This
The deal structure is noteworthy - utilizing balance sheet loans through Truist Financial Corporation rather than pursuing securitized debt options, suggesting favorable terms and institutional confidence in the property's long-term performance. For a 938-unit development with nearly 28,000 square feet of fully-leased commercial space, securing this refinancing indicates strong underlying asset performance.
The transaction highlights JLL's capital markets execution capabilities in securing institutional financing for premier multifamily assets. The direct PATH station access represents a premium amenity driving tenant demand, while the strategic location in Jersey City's Waterfront district positions the asset to benefit from continued migration to high-quality suburban locations with direct Manhattan access.
This refinancing likely improves the borrower's capital structure and potentially creates additional investment flexibility for the joint venture between Ironstate Development and Panepinto Properties, two established players in the market. The deal also underscores Truist's expanding commercial real estate lending footprint in the Northeast market.
JLL and BlueGate Partners LLC arranges refinancing for premier mixed-use property in
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
Residents enjoy best-in-class amenities, including a heated outdoor swimming pool, state-of-the-art gym, rooftop deck with BBQ grills, outdoor basketball court, sundeck, courtyard and on-site retail, complemented by 24-hour concierge service. The properties contain 27,746 square feet of fully leased commercial space and maintain strong occupancy exceeding
Ideally situated directly atop the Grove Street PATH station, the properties offer residents unparalleled connectivity to
"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 AG真人官方 Estate. "Led by Katie Kennedy, our team delivered a financing solution that reflects both our balance sheet strength and our confidence in
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, Senior Analyst Michael Mataras and Analyst Michael Donohoe.
"50 & 70 Columbus represent听high-quality multifamily assets in one of the strongest transit-oriented locations in the
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients 鈥� whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Ironstate Development Company
Ironstate Development Company is a full-service commercial real estate developer that brings decades of experience and commitment to every project from conception to execution. The company combines intelligence, precision, innovation, flexibility and imagination to deliver exceptional results across all its development initiatives.
About Panepinto Development
Panepinto Development has distinguished itself with a reputation as a pioneer for planning and developing innovative commercial, residential, hotel, and mixed-use developments, transforming urban neighborhoods since 1977. Over the past five decades, Panepinto has been dedicated to the renaissance of
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in听Charlotte,
About BlueGate Partners
BlueGate Partners is a boutique real estate investment banking firm with offices in
About JLL鈥�
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of
Contact:听Gr茅ta Kieras, Senior Associate, Public Relations
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