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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.
- ◦Development
- ◦Financing