JLL Arranges JV Equity, Acquisition Debt on Jersey City Multifamily

JLL Capital Markets arranged joint venture equity and acquisition financing for Jasmin Terrace II, a 56-unit, newly built, luxury apartment building in Jersey City.

Senior Managing Directors Thomas R. Didio and Thomas E. Didio Jr., Senior Director Gerard Quinn, Associate Michael Mataras and Senior Analyst Joseph Gruber worked on behalf of the borrower, Tower Management Service LP, to arrange a joint venture equity investment from Lakerock, forming a new partnership between the two firms. JLL then represented the partnership in securing the $16.5-million, five-year, fixed-rate acquisition loan through RWC Lending. Tower is making its debut in the Jersey City market.

Delivered in 2024, Jasmin Terrace II is located at 412 Whiton St. in the Bergen-Lafayette neighborhood of Jersey City. The property benefits from walkable access to Jersey City’s light rail network connecting to PATH trains and the ferry, proximity to Liberty State Park and a rapidly maturing retail and dining scene.

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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 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).

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