Walker & Dunlop Arranges $85M Bridge Loan on Jersey City Apartments
Walker & Dunlop’s Philadelphia capital markets team of John Banas, Kris Wood, Christopher Philipps, John Wilson, Rhett Saltiel and Erik DiGirolamo arranged an $85.4-million, two-year, fixed rate, non-recourse bridge loan for multifamily properties in Jersey City. The borrower was undisclosed.
The properties consist of City Line East, a 198-unit residential complex with 8,381 square feet of ground-level retail space; and City Line West, a 144-unit residential complex. Both are new construction.
Both properties are part of University Place, a larger redevelopment of the west side of Jersey City to help revitalize the New Jersey City University campus.
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).