The exterior of The Hague, the final piece of the redevelopment project in Jersey City known as The Beacon — Courtesy: Building and Land Technology
By Joshua Burd
The owner of a landmark 1,155-unit residential complex in Jersey City is seeking to refinance the property for up to $325 million, brokers with Cushman & Wakefield announced.
The debt placement team on Friday said it’s working on behalf of Building and Land Technology, the owner of what’s known as The Beacon, to procure the financing for the property at 20 Beacon Way. It did so while noting that the complex, which sits on 14 acres, is one of the largest residential historic rehabilitations in the country after a multiyear conversion of the former Jersey City Medical Center complex, which sits at the intersection of the historic Journal Square, McGinley Square and Bergen Lafayette neighborhoods.
“The Beacon is an irreplaceable trophy asset in the heart of Jersey City with unparalleled views of the New Jersey Gold Coast and Manhattan,” Cushman’s John Alascio said. “The Beacon’s unrivaled location coupled with highly experienced and committed sponsorship makes this a fantastic financing opportunity.”
The C&W team on the assignment includes Alascio, Alex Hernandez, Alex Lapidus and Mitch Rothstein. They touted features such as fitness centers, a yoga studio, an indoor pool and hot tub, restored Art Deco theaters, children’s playrooms, high-floor sky lounges and other amenities at the gated community, along with residents’ proximity to a mix of retail, dining and entertainment options.
Additionally, the property is less than 10 minutes from Jersey City’s central business district via The Beacon’s complimentary shuttle service and allows for a 30-minute commute to Manhattan.
BLT announced in fall 2016 that it had completed its lease-up of the sixth and final apartment building at The Beacon, following its acquisition of the property in late 2011 from developer George Filopoulos. The latter had kicked off the distinctive, ambitious adaptive reuse project around 2005 after buying the former hospital site.