US$88 million loan for Journal Square Urby project in New Jersey, USA
A US$88.34 million non-recourse, open-ended construction financing loan was recently secured for the construction of a 317-unit Journal Square complex in Urby, New Jersey. JLL Capital Markets represented the developers, Urby and Properties of Panepintoon this transaction, which concerned a ten-year fixed-rate loan.
Journal Square Urby is planned to be a mixed-use, multi-unit community, located at 532 Summit Avenue in the Journal Square neighborhood of Jersey City. Conceived by HLW Architects, this property will offer residents the Urby living concept, which aims to foster interaction between neighbors. This involves providing shared spaces and amenities within the building to give residents a sense of community.
Read also Los Lirios mixed-use apartment project in Los Angeles, US begins
Features of the Journal Square Urby project
Journal Square Urby will feature a wide selection of studio, one-, two-, and three-bedroom units, furnished with 9-foot ceilings, large windows, high-end appliances, and tile bathroom floors. Some of the shared amenities that will be provided in the Journal Square Urby multi-housing community include a yoga studio, state-of-the-art fitness center, barbecue and grilling stations, large swimming pool and 3,000 square foot cafe/bar. audience.
The Journal Square Urby property will also be a prime location, ideally positioned to provide residents with transit access to the 78 and 95/New Jersey Turnpike. the Newark Liberty International Airport is about 15 minutes from the site by car and the PATH New Jersey Transit is also less than 0.3 miles from the intersection of Summit and Pavonia Avenues, which will allow residents to reach Midtown Manhattan in 22 minutes, as well as the Financial District in approximately 18 minutes.
Thomas E. DidioJr., a senior director, who led the team at JLL Capital Markets representing borrowers, said his firm was pleased to work with Ironstate and Panepinto to make Journal Square Urby property, which is the second installment of Urby a reality in the Jersey City Market.
Urby’s first development in Jersey City was a 69-story tower, which was built along the city’s waterfront about 5 years ago. It’s become one of the most prominent buildings in the area and wasted no time in setting price-per-square-foot records, while also attracting big-name restaurants like DomoDomo.