JLL Capital Markets announced today that it has arranged a $142.7 million construction loan and equity placement for Scholars Village, a 500-unit Class A multifamily development in Jersey City, New Jersey.
JLL 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 comprise two 12-story buildings with 500 design-forward residences and 4,101 square feet of ground-floor commercial space.
The community will offer studios, one-, two- and three-bedroom units with modern finishes and best-in-class amenities including a fitness center, co-working spaces and rooftop terraces with views of the Manhattan skyline and Statue of Liberty.
The transit-oriented location is a short walk from the Liberty State Park Light Rail station, providing individuals and families with convenient access to other parts of Jersey City and connections to Manhattan via PATH trains.
JLL Capital Market’s Debt & Equity Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr and Senior Analyst Michael Mataras.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise.
JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Alpine Residential
Beachwold Residential and Alpine Real Estate Group formed the partnership Alpine Residential in 2019, providing Beachwold Residential with a development division. Alpine Real Estate Group was a real estate development company founded by Bill Rosato and Todd Schefler in 2018. The predecessor company, Alpine Development Partners was formed by Bill Rosato in 2010.