Bank OZK Lends $143M on N.J. Multifamily Complex Near Liberty State Park

Alpine Residential has secured $142.7 million in construction financing to build Scholars Village, a 500-unit multifamily complex in Jersey City, N.J., that will be part of the Liberty Science Center’s SciTech city campus next to Liberty State Park.  

Bank OZK (OZK) supplied the four-year, floating-rate construction loan, while EOS Residential Investors provided an equity investment of an unknown amount. JLL Capital Markets arranged the financing in both transactions, led by Tom Didio, Thomas E. Didio and Michael Mataras. 

Located at 225 Phillip Street in the Bergen-Lafayette neighborhood of Jersey City — just south of Downtown Jersey City and west of the 1,200-acre Liberty State Park —  Scholars Village will feature a pair of 12-story buildings with 500 units and span more than 250,000 square feet. It will also include more than 4,100 square feet of ground-floor commercial space. 

Units will range from one-bedrooms to three-bedrooms, and amenities will include a fitness center, several coworking spaces, and rooftop terraces with skyline views of Manhattan, the Verrazzano-Narrows Bridge and the Statue of Liberty. The building will include a walking path to Liberty State Park 

The complex is expected to begin delivering units in 2026. 

Alpine Residents did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com