$340M refinancing secured for 50 & 70 Columbus in Jersey City
Rhea-AI Summary
JLL (NYSE:JLL) and BlueGate Partners have successfully arranged a $340 million refinancing for 50 & 70 Columbus, a premier mixed-use property in Jersey City's Waterfront district. The refinancing was secured through Truist Financial Corporation for the property owners, a joint venture between Ironstate Development Company and Panepinto Properties.
The property consists of two high-rise residential towers (36 and 48 stories) with 938 luxury units and 27,746 square feet of fully leased commercial space. Built in 2007 and 2015, the development maintains strong occupancy exceeding 98% and features premium amenities including a heated outdoor pool, gym, and rooftop deck. The property's strategic location directly above the Grove Street PATH station provides quick access to Manhattan.
Positive
- Secured substantial $340 million refinancing, demonstrating strong lender confidence
- High occupancy rate exceeding 98% for both residential and commercial spaces
- Strategic location above PATH station provides direct Manhattan access
- 27,746 square feet of fully leased commercial space providing diversified income
Negative
- None.
News Market Reaction – JLL
On the day this news was published, JLL gained 0.06%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
JLL and BlueGate Partners LLC arranges refinancing for premier mixed-use property in
JLL and BlueGate represented the borrower, a joint venture between Ironstate Development Company and Panepinto Properties, in securing the balance sheet loans through Truist Financial Corporation, which served as Administrative Agent and Sole Bookrunner on the transaction.
Constructed in 2007 and 2015, respectively, 50 & 70 Columbus are high-rise residential towers spanning 36 and 48 stories. The communities feature studios, one-, two- and three-bedroom units with luxury finishes, including in-unit washers and dryers, walk-in closets, hardwood floors, stone countertops and stainless-steel kitchen appliances. Large windows provide abundant natural lighting and scenic views of the Hudson River and
Residents enjoy best-in-class amenities, including a heated outdoor swimming pool, state-of-the-art gym, rooftop deck with BBQ grills, outdoor basketball court, sundeck, courtyard and on-site retail, complemented by 24-hour concierge service. The properties contain 27,746 square feet of fully leased commercial space and maintain strong occupancy exceeding
Ideally situated directly atop the Grove Street PATH station, the properties offer residents unparalleled connectivity to
"This transaction underscores Truist's commitment to long-term relationships with premier real estate investors in the Northeast, a key growth market for us," said Rebecca M. Cox, Senior Vice President and Market Manager at Truist National Real Estate. "Led by Katie Kennedy, our team delivered a financing solution that reflects both our balance sheet strength and our confidence in
JLL Capital Market's Debt Advisory team, representing the borrower, was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, Senior Analyst Michael Mataras and Analyst Michael Donohoe.
"50 & 70 Columbus represent high-quality multifamily assets in one of the strongest transit-oriented locations in the
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group'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 group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
About Ironstate Development Company
Ironstate Development Company is a full-service commercial real estate developer that brings decades of experience and commitment to every project from conception to execution. The company combines intelligence, precision, innovation, flexibility and imagination to deliver exceptional results across all its development initiatives.
About Panepinto Development
Panepinto Development has distinguished itself with a reputation as a pioneer for planning and developing innovative commercial, residential, hotel, and mixed-use developments, transforming urban neighborhoods since 1977. Over the past five decades, Panepinto has been dedicated to the renaissance of
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte,
About BlueGate Partners
BlueGate Partners is a boutique real estate investment banking firm with offices in
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. A Fortune 500 company with annual revenue of
Contact: Gréta Kieras, Senior Associate, Public Relations
Phone: +1 949 930 8498
Email: greta.kieras@jll.com
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SOURCE JLL
FAQ
What is the value of the refinancing secured for 50 & 70 Columbus by JLL?
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