The Beacon in Jersey City — Courtesy: Cushman & Wakefield
By Joshua Burd
The owner of the nearly 1,200-unit apartment complex known as The Beacon in Jersey City has snagged more than $257 million in financing, brokers with Cushman & Wakefield announced.
According to the debt placement team, Greystone provided the 10-year Freddie Mac loan to Building and Land Technology in connection with the six-building multifamily asset and 510-space parking garage. The deal follows a solicitation announced last fall in support of the property at 20, 24, 44 and 56 Beacon Way and 100, 88 and 126 Clifton Place, which is steps from the city’s Journal Square, McGinley Square and Bergen-Lafayette sections.
C&W’s equity, debt and structured finance team of John Alascio, Alex Hernandez, Alex Lapidus and Mitch Rothstein represented the borrower alongside the firm’s capital markets unit of Brian Whitmer, Niko Nicolaou and David Bernhaut. Greystone’s Judah Rosenberg originated the fixed-rate, $257.24 million loan under Freddie Mac’s Optigo program, which represented a sizable single-asset financing for the agency with a highly complex and unique structure.
“The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” Alascio said. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live, work, play environment.”
The Beacon totals 1,155 units on 14 acres, housing a mix of studio, one-bedroom, two-bedroom and three-bedroom units, according to a news release. One of the largest residential historic rehabilitations in the United States, the gated community features fitness centers, a yoga studio, an indoor pool and hot tub, restored Art Deco theaters, children’s playrooms, high-floor sky lounges and a host of other amenities.
Cushman also pointed to the surrounding retail, dining and entertainment options, while noting that the property is less than 10 minutes to Jersey City’s central business district via the property’s complimentary shuttle service and allows for a 30-minute commute to Manhattan.
C&W: Owner of The Beacon in Jersey City seeking up to $325 million in refinancing