Two of Jersey City’s most prominent rental towers scored a nine-figure refinancing deal.
Ironstate Development Company and Panepinto Properties secured $340 million in balance sheet loans for 50 and 70 Columbus, the joint venture’s 938-unit mixed-use complex in the city’s waterfront district.
JLL Capital Markets and BlueGate Partners arranged the financing with Truist Financial, which served as administrative agent and sole bookrunner, JLL announced.
The twin high-rises, built in 2007 and 2015, stand 36 and 48 stories tall over the Grove Street Path station. The properties are more than 98 percent leased and include nearly 28,000 square feet of retail space, which is fully occupied.
Apartments in the developments range from studios to three-bedrooms, decked out with in-unit laundry, hardwood floors and skyline views. Shared amenities include a pool, rooftop deck, basketball court, gym and 24-hour concierge.
The deal extends Ironstate and Panepinto’s long-running bet on Jersey City’s transformation into a bona fide alternative to Manhattan living. Jersey City’s Class A multifamily market has posted steady rent growth in recent years, targeting a growing wave of renters increasingly priced out of both Brooklyn and downtown Manhattan.
“This transaction underscores Truist’s commitment to long-term relationships with premier real estate investors in the Northeast,” Rebecca Cox, a senior vice president at the bank, said in a statement.
JLL’s debt advisory team, including Thomas Didio, Thomas Didio Jr. and Gerard Quinn, represented the borrowers.
A couple of years ago, Panepinto received a $193 million non-recourse loan for the construction of Pathside, a 605-unit luxury development at 499-507 Summit Avenue in Jersey City.
Elsewhere in Jersey City, Tishman Speyer scored a $331 million loan for 50 Hudson Street in the spring. The 924-unit building covered by the debt represented slightly fewer than half of the units Tishman is developing on adjacent waterfront lots.
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Tishman Speyer takes $331M for Jersey City luxury project
Panepinto pulls in $193M loan for Jersey City high-rise
Ironstate: Ironclad on development
