50 and 70 Columbus in Jersey City — Courtesy: JLL
By Joshua Burd
Ironstate Development Co. and Panepinto Properties have secured $340 million to refinance a two-building, 938-unit multifamily property in downtown Jersey City.
According to JLL and BlueGate Partners, which sourced the debt, Truist Financial Corp. provided the loans as administrative agent and sole bookrunner on the transaction. Proceeds will support the mixed-use high-rises known as 50 and 70 Columbus, which were built in 2007 and 2015, respectively, directly atop the Grove Street PATH station with a mix of studios and one-, two- and three-bedroom units.
JLL Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr., Director Gerard Quinn and Senior Analyst Michael Mataras led the team representing the borrower.
“This transaction underscores Truist’s commitment to long-term relationships with premier real estate investors in the Northeast, a key growth market for us,” said Rebecca M. Cox, senior vice president and market manager at Truist National Real Estate. “Led by Katie Kennedy, our team delivered a financing solution that reflects both our balance sheet strength and our confidence in Jersey City.”
In a news release, JLL noted that the 36- and 48-story towers provide luxury living with large windows providing views of the Hudson River and New York City skyline. Residents at the complex have access to a heated outdoor pool, a modern gym, a rooftop deck with grills, an outdoor basketball court and other amenities, while the properties have 27,746 square feet of fully leased commercial space.
Occupancy at 50 and 70 Columbus consistently exceeds 98 percent, JLL said, thanks in large part to their immediate access to PATH service to the World Trade Center and New York Penn Station.
“50 and 70 Columbus represent high-quality multifamily assets in one of the strongest transit-oriented locations in the New York metropolitan area,” Didio Jr. said. “Combining the property’s exceptional location atop the Grove Street PATH Station with an outstanding amenity package and strong sponsorship has driven continued renter demand to these assets.”
Massive project by Ironstate, Panepinto has anchored a revival in Jersey City neighborhood
