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JLL Arranges $143M Financing on Multifamily by Liberty State Park

 JLL Capital Markets arranged a $142.7-million construction loan and equity placement for Scholars Village, a 500-unit Class A multifamily development in Jersey City. A JLL team of senior managing director Thomas Didio, managing director Thomas E. Didio, Jr. and senior analyst Michael Mataras represented the borrower, Alpine Residential, in securing the four-year, floating-rate construction loan through Bank OZK. In addition, JLL helped arrange a preferred equity investment from EOS Residential Investors.

Scholars Village will be located in Jersey City’s Bergen-Lafayette neighborhood at 189 Phillip St., adjacent to the Liberty Science Center and across from Liberty State Park. The development will consist of two 12-story buildings with 500 residences and 4,101 square feet of ground-floor commercial space.

The transit-oriented location is a short walk from the Liberty State Park Light Rail station, providing individuals and families with access to other parts of Jersey City and connections to Manhattan via PATH trains.

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Inside The Story

JLL's Thomas Didio

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Development
  • ◦Financing