Truist Lends $340M on Jersey City Residential High-Rises

JLL Capital Markets and BlueGate Partners LLC arranged a $340-million refinancing for 50 & 70 Columbus, a 938-unit mixed-use property located in Jersey City. JLL senior managing director Thomas Didio, managing director Thomas E. Didio, Jr., director Gerard Quinn and senior analyst Michael Mataras 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.

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.

“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.”

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