Listen to this articleThe basics:
With a strategic location directly above the Grove Street PATH station, an interconnected mixed-use property with 938 units along Christopher Columbus Drive in Jersey City from Ironstate Development Co. and Panepinto Properties secured a $340 million refinancing.
JLL Capital Markets, in conjunction with BlueGate Partners LLC, announced arranging the funds Sept. 9 for 50 and 70 Columbus, two of the three towers comprising the Columbus Collection.
JLL and BlueGate represented the borrower, the joint venture between Ironstate and Panepinto. The team secured the balance sheet loans through Truist Financial Corp. That Charlotte-based financial institution served as administrative agent and sole bookrunner on the transaction, JLL said.
The deal underscores the value of well-located multifamily assets in strong transit-oriented locations, particularly in Hudson County. Jersey City’s continued growth also helps boost the site, as Class A multifamily projects continue to attract residents. And as rents experience consistent growth.
Built in 2007 and 2015, high-rise towers 50 and 70 Columbus stand 36 and 48 stories, respectively.
‘A key growth market’
“This transaction underscores Truist’s commitment to long-term relationships with premier real estate investors in the Northeast, a key growth market for us,” commented Rebecca Cox, senior vice president and market manager at Truist National Real Estate. “Led by Katie Kennedy, our team delivered a financing solution that reflects both our balance sheet strength and our confidence in Jersey City.”
Senior Managing Director Thomas Didio, Managing Director Thomas Didio Jr., Director Gerard Quinn and Senior Analyst Michael Mataras led the JLL Capital Market Debt Advisory team representing the borrower.
Noting the quality of the buildings and their prime positioning, Didio Jr. said, “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.”
50 and 70 Columbus offer studios along with one-, two- and three-bedroom residences. Luxury finishes include: in-unit washers and dryers, walk-in closets, hardwood floors, stone countertops and stainless-steel kitchen appliances, along with large windows offering abundant natural light—and views of the Hudson River and New York City skyline.
Additionally, the amenity package includes a heated outdoor swimming pool, gym, rooftop deck with grills, outdoor basketball court, sundeck, courtyard and 24-hour concierge service.
On-site retail rounds out the living experience at 50 and 70 Columbus, with 27,746 square feet of leased space. According to JLL, the commercial component maintains strong occupancy levels at more than 98%.
Looking back
Speaking with NJBIZ in 2018, Panepinto founder and CEO Joe Panepinto Sr. detailed his company’s collaboration with Ironstate. “Columbus is our signature project right now,” he said “I bought that property in 1998. And I brought the Barrys [of Ironstate] in. Right now, we have five buildings on the site. It’s almost 1,500 units of housing, hotel, 1,000-car parking garage. It’s a community within a community.”
He went on to note that, following their launch, 50 Columbus and 70 Columbus hit full occupancy in less than seven months.
90 Columbus completes the trio comprising the Columbus Collection.
