New York & Tri-State + New Jersey + Finance | March 14, 2023

Building and Land Technology was advised by Cushman & Wakefield in obtaining $275 million of agency financing for The Beacon apartment complex in Jersey City

Jersey City Multifamily Complex Garners $257M Agency Financing

Cushman & Wakefield served as the exclusive advisor to Building and Land Technology in procuring $257,240,000 in fixed-rate agency financing for The Beacon, a six-building multifamily complex plus 510-space parking garage in Jersey City. The 10-year Freddie Mac financing was provided by Greystone.

A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Alex Lapidus and Mitch Rothstein and a Cushman & Wakefield Capital Markets team of Brian Whitmer, Niko Nicolaou and David Bernhaut represented the borrower. Greystone’s Judah Rosenberg originated the Freddie Mac Optigo loan, a sizable single-asset financing for Freddie Mac with a highly complex and unique structure.

“The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” said Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live, work, play environment.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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