Plans for Scholars Village at 189 Phillip St. in Jersey City call for two 12-story buildings adjacent to the Liberty Science Center, with 500 apartments ranging from studios to three-bedroom units and upscale amenities for residents. — Courtesy: JLL
By Joshua Burd
Alpine Residential has landed a nearly $143 million construction loan and equity for a plan to build 500 apartments on the doorstep of the Liberty Science Center in Jersey City.
According to JLL, which sourced the transactions, Bank OZK is providing the four-year, floating-rate construction loan for what’s known as Scholars Village. Brokers noted that the project at 189 Phillip St. calls for two 12-story buildings adjacent to the museum and learning center and across from Liberty State Park, with upscale amenities and 4,101 square feet of ground-floor commercial space, as part of an ambitious plan to expand the institution’s footprint.
JLL Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr. and Senior Analyst Michael Mataras arranged the $142.7 million construction loan. They also represented Alpine in securing a preferred equity investment from EOS Residential Investors.
In a news release, the brokerage team noted that Scholars Village will rise in Jersey City’s Bergen-Lafayette neighborhood with apartments ranging from studios to three-bedroom units. The project is also slated to include amenities such as a fitness center, coworking spaces and rooftop terraces with views of the Manhattan skyline and the Statue of Liberty.
Residents, meantime, will be a short walk from the Hudson-Bergen Light Rail’s Liberty State Park station, providing them easy access to other parts of Jersey City and connections to Manhattan via PATH trains.
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