A rendering of BELA at 74 Maple St. in Jersey City — Courtesy: JLL
By Joshua Burd
The buyer of a newly developed, 104-unit apartment building in Jersey City has secured more than $40 million in financing, in a transaction arranged by JLL.
The real estate services firm worked on behalf of the borrower, Golden Glades Capital Management, to source the $41 million loan for the luxury property at 74 Maple St. Ares Commercial Real Estate Corp. is providing the two-year, floating-rate financing for the property known as BELA, which is part of Jersey City’s Bergen-Lafayette neighborhood and within a federally designated Opportunity Zone.
“BELA received tremendous interest from the lending community,” said Matthew Pizzolato, a director with JLL. “Ares ultimately stepped up to offer the most attractive terms and structure that will allow Golden Glades Capital Management to execute their business plan and lease-up the property.”
Pizzolato joined JLL Senior Managing Director Thomas Didio in representing the borrower.
In a news release, JLL touted BELA’s proximity to Interstate 78, which provides accessibility to the Hudson waterfront and Lower Manhattan. Designed by Minno & Wasko Architects and Planners and completed in 2019, the eight-story property features a mix of high-end one- and two-bedroom apartments, with amenities including a fitness center, yoga studio, grilling stations, outdoor lounge, club room and furnished suites for guests.
BELA also offers on-site parking and bike storage via its first-floor garage and about 2,600 square feet of ground-level retail.