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JLL Capital Markets and BlueGate Partners LLC have arranged a $340 million refinancing package for 50 & 70 Columbus, a prominent 938-unit mixed-use development in Jersey City. The refinancing was secured on behalf of the borrowing joint venture, which includes Ironstate Development Company and Panepinto Properties.
The loans were provided through Truist Financial Corporation, functioning as the administrative agent and sole bookrunner. The deal was facilitated by JLL’s Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, and Senior Analyst Michael Mataras, in partnership with BlueGate Partners.
Constructed in 2007 and 2015, 50 & 70 Columbus are high-rise residential towers rising 36 and 48 stories, respectively. The properties offer studio, one-, two-, and three-bedroom apartment units, all outfitted with luxury finishes and extensive amenities.
“These properties represent high-quality multifamily assets in one of the strongest transit-oriented locations in the New York metropolitan area,” said Didio, Jr. “Combining their exceptional location directly above the Grove Street PATH Station with outstanding amenities and strong ownership sponsorship continues to drive demand from renters.”
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