Greystone Lends $257M on Jersey City Multifamily Complex
A ‘Beacon’ of hope for transaction activity: the deal marks one of the largest Freddie Mac single-asset financings to date
By Cathy Cunningham March 13, 2023 2:16 pmreprints
There’s not a whole lot of happy news out there at the moment, but Greystone just closed a transaction worth celebrating.
The lender has provided $257.2 million in Freddie Mac financing for Building and Land Technology’s The Beacon, a six-building multifamily complex in Jersey City, Commercial Observer can first report.
Further, the deal marks one of the largest Freddie Mac single-asset financings to date (boom).
Josh Alascio, Alex Hernandez, Alex Lapidus and Mitch Rothstein from Cushman & Wakefield’s Debt and Structured Finance team negotiated the 10-year, fixed-rate financing along with Brian Whitmer, Niko Nicolaou and David Bernhaut from the brokerage’s capital markets team.
Greystone’s Judah Rosenberg led the transaction — which he said included a “highly complex” structure — on behalf of the lender.
“This collaboration is a perfect example of how two companies with complementary industry expertise can work together to meet clients’ individual needs with unique structures in a rapidly changing market,” Rosenberg told CO. “The loan was index-locked shortly after executing the application to take advantage of the dip in Treasuries, which were 50 basis points lower than today.”
The Art Deco-inspired development, at 20 Beacon Way, sits near the intersection of Baldwin Avenue and Montgomery Street in Jersey City and features panoramic views of the Manhattan skyline. It comprises 1,155 units in total, and spans 14 acres.
Amenities include children’s playrooms, sky lounges, three fitness centers, a yoga studio, a bocce court and a private park. The development also includes a 510-space parking garage.
“The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” Alascio said in prepared remarks. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live, work, play environment.”
Real Estate New Jersey reported in November that the C&W team was in the market sourcing financing for the transaction, following BLT’s completion of lease-up at the buildings. BLT undertook a significant repositioning of the former hospital site after acquiring it from developer George Filopoulos in 2011. The buildings were once part of the Jersey City Medical Center, and constructed early in the 20th Century.
Cathy Cunningham can be reached at email@example.com