JLL Capital Markets has successfully facilitated a $142.7-million construction loan and equity placement for Scholars Village, an upcoming 500-unit Class A multifamily development in Jersey City. Alpine Residential, the borrower, was represented by a team from JLL consisting of senior managing director Thomas Didio, managing director Thomas E. Didio, Jr., and senior analyst Michael Mataras. The construction loan, which has a floating-rate and a four-year term, was secured through Bank OZK. Additionally, JLL assisted in arranging a preferred equity investment from EOS Residential Investors.
Situated in Jersey City’s Bergen-Lafayette neighborhood at 189 Phillip St., Scholars Village will be conveniently located near the Liberty Science Center and across from Liberty State Park. The development will comprise two 12-story buildings, offering a total of 500 residences and 4,101 square feet of ground-floor commercial space.
One of the key advantages of Scholars Village is its transit-oriented location. It is just a short walk away from the Liberty State Park Light Rail station, providing easy access to other parts of Jersey City and offering connections to Manhattan through PATH trains. This strategic positioning ensures that residents will have convenient transportation options for their daily commute or leisure activities.
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Wow, this financing news really showcases JLL’s commitment to unlocking growth in the real estate market. The location near Liberty State Park sounds like an amazing opportunity for multifamily living. I’m curious to know more about the amenities and design of this oasis-like community.