By Joshua Burd
A joint venture has landed nearly $90 million in financing for its development of a 317-unit apartment tower in Jersey City, according to a debt placement team with JLL.
The borrowers, Urby and Panepinto Properties, are building a mix of studio, one-bedroom, two- bedroom and three-bedroom homes in the city’s historic Journal Square neighborhood, at 532 Summit Ave., under the project known as Journal Square Urby. They’ll do so with an $88.34 million, non-recourse construction-to-permanent loan, which is being provided by an undisclosed institutional lender.
JLL Senior Managing Director Thomas Didio and Senior Director Thomas E. Didio Jr. led the debt placement team on a deal that will expand the Urby brand launched by Ironstate Development with the debut of a 762-unit, 69-story tower in downtown Jersey City.
“JLL is pleased to work alongside Ironstate and Panepinto to help capitalize Urby’s second delivery in the Jersey City market,” Didio Jr. said. “Urby JSQ garnered significant interest from the non-recourse construction market. Ultimately, the lender leveraged their existing presence in the submarket to provide an aggressive construction-to-perm bid that will help the borrower team build and stabilize this very exciting project.”
In a news release, JLL noted that Journal Square Urby will feature upscale apartments and amenities such as a high-end fitness center, a yoga studio, a large outdoor swimming pool, grilling stations, a rooftop resident lounge and a 3,000-square-foot café and bar that will be open to the public. Renters will live at the intersection of Summit and Pavonia avenues, a short walk from the Journal Square Transportation Center and mass transit access to Midtown Manhattan.
The high-rise will also be part of a long list of new, high-profile residential and mixed-use developments to open in Journal Square, the city’s onetime commercial hub and home to a host of restaurants, shops and cultural attractions.