The club room at 3 Journal Square in Jersey City — Courtesy: Panepinto Properties
By Joshua Burd
The owners of a six-year-old, 240-unit luxury apartment building in Jersey City have closed on $58 million in financing for the property, according to a debt placement team with JLL.
Brokers with the firm represented the borrower, 3 Journal Square Urban Renewal LLC, in sourcing the seven-year, fixed-rate loan for the midrise structure at 2955 John F. Kennedy Blvd. A life insurance company provided the funds to refinance the property known as 3 Journal Square, which opened in 2017 under a joint venture by Hartz Mountain Industries and Panepinto Properties.
JLL’s Thomas Didio, Thomas E. Didio Jr., Gerard Quinn and John Cumming led the assignment.
“This financing is a testament to the quality of product the developer has delivered to the market,” Didio said. “The lender stepped up to the plate and delivered very strong economic terms to allow the partnership to continue operating this tremendous asset in a burgeoning submarket of Jersey City. JLL is grateful to play a role in continuing to grow the relationship between the developer and lender teams.”
In a news release, JLL said 3 Journal Square has one-, two- and three-bedroom units with upscale interiors and amenities such as a modern art health and fitness center, a yoga studio, a resident lounge with a fireplace and billiards and a rooftop deck with Manhattan skyline views. Residents are in the city’s burgeoning Journal Square section and steps from the Journal Square PATH station, while still able to access major highways.
Hartz, Panepinto project is ‘another step’ in Journal Square’s revival
