BrightSpire Provides $ 43 Million Refi on Luxury Jersey City Apartment Building – Commercial Observer
BrightSpire Capital provided $ 43 million in bridge funding to Golden Glades Capital Management in order to refinance BELA Apartments, a newly constructed luxury residential building in Jersey City, NJ, has learned from Commercial Observer.
The three-year variable rate bridge loan allowed Golden Glades to repay existing debt on the 104-unit asset and complete its lease.
JLL Capital Markets‘ Matthew Pizzolato and Thomas E. Didio Jr. led a team that researched and arranged this bridging debt on behalf of Golden Glades, according to information from JLL.
In March 2020, at the time of the start of the pandemic, Pizzolato and Didio had represented Golden Glades in foreclosure of $ 41 million in acquisition debt acquire the property for approximately $ 53 million; JLL had also organized and negotiated his sale. The golden glades had bought it free and left an existing debt of a joint venture partnership between Alpine Real Estate Group, Field development group and Grade development company.
“[Golden Glades has] has done a tremendous job of leasing since acquiring this property at the heart of COVID-19, ”Pizzolato said. “BrightSpire Capital has recognized this and has stepped up its efforts to provide extremely attractive terms that have allowed our borrower to recapitalize and lower their cost of capital. “
The eight-story asset was built in 2019, with a mix of one and two-bedroom units averaging 982 square feet.
Units include full-size washing machines, and residents have access to on-site amenities that include a fitness center, yoga studio, grilling areas, outdoor lounge, club room, and rooftop overlooking Jersey City, the Hudson River and Manhattan.
The property also has approximately 2,600 square feet of retail space on the ground floor, as well as on-site parking and bicycle storage in a garage on the first floor.
BELA Apartments is located in the Communipaw neighborhood of Jersey City, a few blocks from a plethora of public transportation options that can take residents to greater New Jersey or the Five Boroughs of New York City, as well as across a Main highway (Interstate 78) which provides direct access to Manhattan.
The building is also a short walk from Jersey City Medical Center and also Liberty State Park, which sits on the banks of the Hudson River, overlooking Ellis Island and the Statue of Liberty.
Monthly rents at BELA start at $ 2,354 for a bedroom, according to the property’s website, which currently markets up to two months of free rent as part of a summer special. The only other available apartments listed on its website are two-bedroom, two-bathroom floor plans, with rents ranging from just under $ 3,200 to almost $ 3,900.
Apartments.com has prices ranging from just under $ 2,000 for one-bedroom amenities to around $ 3,800 for larger two-bedroom units.