Le Léo at 244 St. Paul’s Ave. in Jersey City — Courtesy: Park Stone Management/Fields Grade
By Joshua Burd
The developers of a new 99-unit luxury apartment building in Jersey City’s fast-growing Journal Square neighborhood have refinanced the property for $37 million.
The partners, Park Stone Management and Fields Grade Development Co., have leased nearly 90 percent of the project at 244 St Paul’s Ave., known as Le Léo. On Thursday, they announced that they’ve secured an interest-only permanent loan for the property with Lakeland Bank, which Ryan Greer authorizing the financing and Mark DeLillo and Marc Schulder of Blue Gate Partners sourcing the debt on behalf of ownership.
“Journal Square continues to gain momentum as a renewed living, business, cultural and shopping hub, all supported by a comprehensive transportation network,” said Jonathan Feifer, founder and principal of Park Stone Management. “We’re delighted that Le Léo has been well received in this competitive market and look forward to completing the lease-up in short order and stabilizing the asset.”
Designed by MHS Architecture, Le Léo has a mix of studio, one-bedroom and two-bedroom apartments. It also has amenities such as a lobby lounge, a high-end fitness center and yoga studio, a resident lounge and co-working space with a conference room, along with a rooftop terrace and other outdoor spaces.
Additionally, residents benefit from storage, enclosed garage parking and street-level retail space occupied by Choc-O-Pain French Bakery, which is integrated into the lobby lounge, the developers said. The Journal Square PATH Station is less than a 10-minute walk from the property, which sits just off John F. Kennedy Boulevard, while NJ Transit and private buses serve the neighborhood daily.
Park Stone, Fields Grade launch leasing at new 99-unit Journal Square rental building
