Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to Building and Land Technology (BLT) in the procurement of $257,240,000 in fixed-rate agency financing for The Beacon, a six-building multifamily complex plus 510-space parking garage located at 20, 24, 44 and 56 Beacon Way and 100, 88 and 126 Clifton Place in Jersey City. The 10-year Freddie Mac financing was provided by Greystone.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Alex Lapidus and Mitch Rothstein and a Cushman & Wakefield Capital Markets team of Brian Whitmer, Niko Nicolaou and David Bernhaut represented the borrower in the transaction. Greystone’s Judah Rosenberg originated the Freddie Mac Optigo® loan, which represented a sizable single-asset financing for Freddie Mac with a highly complex and unique structure.
“The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” said Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live, work, play environment.”
The Beacon totals six buildings comprising 1,155 units on a 14-acre site. The assets consist of a mix of studio, one-bedroom, two-bedroom and three-bedroom units. One of the largest residential historic rehabilitations in the United States, the gated community features fitness centers, a yoga studio, indoor pool and hot tub, restored Art Deco theaters, children’s playrooms, high-floor sky lounges, numerous dog runs, a playground, a one-acre private park and substantial outdoor space with fire pits and grills.
Situated at the intersection of three of Jersey City’s most populated neighborhoods – Journal Square, McGinley Square and Bergen Lafayette – The Beacon is surrounded by an array of retail, dining and entertainment options. The property is located less than 10 minutes to Jersey City’s central business district via The Beacon’s complimentary shuttle service and allows for a 30-minute commute to Manhattan.
A photo of the property can be downloaded here.