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JLL Capital Markets and BlueGate Partners LLC have successfully arranged a $340 million refinancing deal for 50 & 70 Columbus, a prominent 938-unit mixed-use residential property in Jersey City. The financing was secured on behalf of a joint venture between Ironstate Development Company and Panepinto Properties. Truist Financial Corporation acted as the administrative agent and sole bookrunner for the balance sheet loans.
The JLL Capital Markets team included senior managing director Thomas Didio, managing director Thomas E. Didio, Jr., director Gerard Quinn, and senior analyst Michael Mataras.
Built in 2007 and 2015, the 50 & 70 Columbus towers rise 36 and 48 stories, respectively. These high-rise residential buildings offer a mix of studio, one-, two-, and three-bedroom luxury units. The property boasts premium finishes and a comprehensive amenities package.
“50 & 70 Columbus represent high-quality multifamily assets in one of the strongest transit-oriented locations in the New York metropolitan area,” noted Thomas E. Didio, Jr. “Combining the property’s exceptional location atop the Grove Street PATH Station with an outstanding amenity package and strong sponsorship has driven continued renter demand to these assets.”
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