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.”