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Journal Square Project Lands $88M Construction-to-Perm Loan
JLL Capital Markets has closed the $88.34-million non-recourse construction-to-perm financing of Journal Square Urby, a 317-unit multifamily high-rise in Jersey City’s Journal Square neighborhood. JLL represented the borrowers, Urby and Panepinto Properties, to secure the 10-year, fixed-rate loan through an institutional lender.
The JLL Capital Markets team representing the borrower was led by senior managing director Thomas Didio and senior director Thomas E. Didio, Jr.
“Urby JSQ garnered significant interest from the non-recourse construction market,” said stated Didio, Jr. “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.”
Located at 532 Summit Ave. in Journal Square, the property 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.
- ◦Financing
