March 30, 2020 – JLL Capital Markets announced today that it has arranged $41 million in acquisition financing for BELA, a newly developed, 104-unit, luxury apartment community located within a qualified opportunity zone in Jersey City’s rapidly expanding Bergen-Lafayette neighborhood.
JLL worked on behalf of the borrower, Golden Glades Capital Management, to arrange the two-year, floating-rate loan that was provided by Ares Commercial Real Estate Corporation (NYSE: ACRE).
BELA is situated one block from Liberty State Park’s Hudson-Bergen Light Rail station and less than one mile from Interstate 78, which provides accessibility to the Hudson Waterfront, lower Manhattan and the greater New York MSA. Completed in 2019, the eight-story property features best-in-class construction and unit design, offering a diverse mix of spacious one- and two-bedroom apartments averaging 982 square feet. Units feature Caesarstone countertops, oversized wood cabinets, stainless steel appliances, island kitchens, full-size washers and dryers and large closets. Community amenities include rooftop views of the Manhattan and Jersey City skylines, a fitness center, yoga studio, grilling stations, outdoor lounge, club room and furnished suites for guests. BELA also offers onsite parking and bike storage via its first-floor garage and approximately 2,600 square feet of ground-level retail.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Director Matthew Pizzolato.
“BELA received tremendous interest from the lending community,” Pizzolato said. “Ares ultimately stepped up to offer the most attractive terms and structure that will allow Golden Glades Capital Management to execute their business plan and lease-up the property.”