Greystone has provided $257 million in fixed-rate agency financing to Stamford, Connecticut-based real estate firm Building and Land Technology for the acquisition of a multifamily complex in Jersey City.
Greystone vice-president Judah Rosenberg originated the Freddie Mac Optigo loan, which represented a sizable single-asset financing for Freddie Mac.
The 10-year financing was arranged by Cushman & Wakefield. John Alascio, Alex Hernandez, Alex Lapidus and Mitch Rothstein from the firm’s debt and structured finance group and Brian Whitmer, Niko Nicolaou and David Bernhaut within the firm’s capital markets division made up a team that represented the borrower in the transaction.
“The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods,” said Alascio.
The Beacon is a six-building complex comprising a mix of studio, one-bedroom, two-bedroom and three-bedroom apartments, totaling 1,155 units. It is one of the largest residential historic rehabilitations in the US.
The gated community also features fitness and entertainment amenities as well as sky lounges, playgrounds, and a one-acre private park.
It is located at 20, 24, 44 and 56 Beacon Way and 100, 88 and 126 Clifton Place at the intersection of three of Jersey City’s most populated neighborhoods – Journal Square, McGinley Square and Bergen-Lafayette.
The property is less than 10 minutes to Jersey City’s central business district via the property’s free shuttle service. It is also just 30-minutes from Manhattan.
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