JLL Arranges JV Equity, Acquisition Debt on Jersey City Multifamily

JLL Capital Markets arranged joint venture equity and acquisition financing for Jasmin Terrace II, a 56-unit, newly built, luxury apartment building in Jersey City.

Senior Managing Directors Thomas R. Didio and Thomas E. Didio Jr., Senior Director Gerard Quinn, Associate Michael Mataras and Senior Analyst Joseph Gruber worked on behalf of the borrower, Tower Management Service LP, to arrange a joint venture equity investment from Lakerock, forming a new partnership between the two firms. JLL then represented the partnership in securing the $16.5-million, five-year, fixed-rate acquisition loan through RWC Lending. Tower is making its debut in the Jersey City market.

Delivered in 2024, Jasmin Terrace II is located at 412 Whiton St. in the Bergen-Lafayette neighborhood of Jersey City.  The property benefits from walkable access to Jersey City’s light rail network connecting to PATH trains and the ferry, proximity to Liberty State Park and a rapidly maturing retail and dining scene.

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