Atlas at 270 Johnston St. (left) and Starling at 66 Monitor St., both in Jersey City — Courtesy: JLL
By Joshua Burd
Alpine Residential has secured more than $81 million in financing for two of its newly delivered apartment buildings in Jersey City, brokers with JLL announced Tuesday.
According to the debt placement team, Freddie Mac provided the five-year, interest-only fixed-rate loans for the 169-unit Atlas property at 270 Johnston St. and the 39-unit building known as Starling at 66 Monitor St. Both are part of Alpine’s growing portfolio in Jersey City’s Bergen-Lafayette section — completed recently in tandem with Fields Grade — benefiting from their location adjacent to the Hudson-Bergen Light Rail’s Liberty State Park station.
JLL Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr. and Senior Analyst Michael Mataras sourced the $81.195 million in financing on the borrower’s behalf.
“We are pleased to have assisted Alpine Residential in securing permanent financing for these two high-quality multi-housing assets in Bergen-Lafayette,” Didio Jr. said. “The assets’ exceptional location and submarket leading amenities, combined with unparalleled access to the light rail and mass transit, attracted significant lender interest for this refinancing.”
JLL noted that Atlas has 11 affordable units, while Starling has three. Both properties have upscale resident amenities and include commercial space.
Alpine will use the proceeds to take out the existing construction loans, which were also arranged by JLL, according to a news release. JLL Real Estate Capital LLC, a Freddie Mac Optigo Lender, will service both loans.
