The Hazel at 89 Monitor St. in Jersey City — Courtesy: JLL
By Joshua Burd
Alpine Residential has landed nearly $72 million in permanent financing for a portfolio of 201 newly built apartments in Jersey City’s Bergen-Lafayette section.
According to JLL, which brokered the transaction, Truist Bank provided the five-year, fixed-rate balance sheet loan in connection with the two-phase project at 89 Monitor St. That includes 114 units delivered in early 2022 and another 87 units completed in late 2024, making up the luxury property known as The Hazel and one of the latest additions to the area around the Hudson-Bergen Light Rail’s Liberty State Park station.
JLL Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr., Associate Michael Mataras and Analyst Tyler Caricato sourced the $71.96 million loan on Alpine’s behalf.
“The successful refinancing of The Hazel demonstrates the continued strength of the Jersey City multifamily market,” Didio Jr. said. “The property’s strategic location near Liberty State Park and excellent transit connectivity to Manhattan make it an exceptional investment in one of New Jersey’s most dynamic markets.”
In announcing the deal, JLL said the seven-story building has 190 market-rate and 11 affordable homes with average unit sizes of 747 square feet. The property has a mix of upscale studio, one-bedroom and two-bedroom rentals and amenities such as a sky lounge with views of New York Harbor, a rooftop pool, an outdoor mist station and a fitness center, among others.
The Hazel also has nearly 9,600 square feet of commercial space across four suites housing a delicatessen, a fitness professional, a childcare provider and a package service. Renters, meantime, are about 1.2 miles from the Grove Street PATH station and 1.6 miles from the Exchange Place PATH station, giving them easy access to New York Penn Station and the World Trade Center in under 30 minutes.
“This transaction highlights Truist’s focus on providing financing solutions that meet the needs of our Northeast clients,” said Rebecca M. Cox, senior vice president and market manager at Truist National Real Estate. “With leadership from Katie Kennedy, our team delivered a solution that supports our client and affirms our confidence in markets with outstanding access to Manhattan, like Jersey City.”
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