Ironstate JV Closes on $340M for Jersey City High-Rises
The deal was the latest in a series of nine-figure refis in the area.
A joint venture between Ironstate Development Co. and Panepinto Properties has landed $340 million worth of refinancing 50 and 70 Columbus, two mixed-use properties with approximately 940 multifamily units in Jersey City, N.J.
JLL Capital Markets and BlueGate Partners LLC arranged the balance sheet loans provided by Truist Financial Corp., which also served as the administrative agent and sole bookrunner on the transaction.
The refinancing replaces two separate 10-year loans on the buildings; the 36-story 50 Columbus at 50 Christopher Columbus Drive had a $118 million CMBS loan funded by Fannie Mae and originated by Newmark set to mature in April 2026, according to Yardi Research Data. The 50-story 70 Columbus at 70 Christopher Columbus Drive had a $170 million loan originated by Northwestern Mutual that was also set to mature in April of 2026, the same source shows.
Rebecca Cox, senior vice president and market manager at Truist National Real Estate said in prepared remarks that the transaction underscores Truist’s commitment to long-term relationships with premier real estate investors in the Northeast, a key growth market for the firm. She noted the financing solution reflects the firm’s balance sheet strength and its confidence in the Jersey City market.
Cox said Katie Kennedy, senior vice president and Northeast market leader, led the Truist team on the transaction.
A JLL Capital Markets Debt Advisory team represented the borrower. The team was led by Senior Managing Director Thomas Didio, Managing Director Thomas Didio, Jr., Director Gerard Quinn and Senior Analyst Michael Mataras.
Thomas Didio, Jr. pointed to the properties’ location atop the Grove Street PATH station, as well as its strong sponsorship and outstanding amenity package as driving renter demand to the assets. He said in a prepared statement 50 and 70 Columbus represent high-quality multifamily assets in one of the strongest transit-oriented locations in the New York metropolitan area. The location provides residents with easy connectivity to Manhattan, with both the World Trade Center and Penn Station accessible in less than 30 minutes.
A closer look at the towers
50 and 70 Columbus were constructed in 2007 and 2015, respectively. 50 Columbus has 400 units and a current occupancy rate of approximately 99.3 percent, Yardi Research Data reported. 70 Columbus has 545 units with a 98.7 percent occupancy rate.
50 Columbus has a mix of studios, one- and two-bedroom apartments ranging in size from 512 to 1,250 square feet. It also has four penthouse units ranging in size from 2,225 to 2,245 square feet. Rents range from $3,118 to $5,591 for the smaller units, with penthouse rents ranging from $6,321 to $6,691 monthly, according to Yardi Research Data.
70 Columbus has a mix of studios, one- and two-bedroom apartments ranging in size from 409 to 1,086 square feet, with an average of 684 square feet. Rents range from $3,003 to $5,324, with an average of $3,876, according to Yardi Research Data.
The apartments have luxury finishes including stone countertops, stainless-steel appliances, hardwood floors, walk-in closets and in-unit washers and dryers.
Community amenities include a heated outdoor swimming pool, sundeck, gym, rooftop deck with BBQ grills, outdoor basketball court, courtyard and 24-hour concierge service. The towers also feature children’s playrooms, playgrounds and a total of 27,746 square feet of commercial space.
50 Columbus has a total of 750 parking spaces in a multi-level structure and 70 Columbus has a total of 320 parking spaces.
Refinancing hotspot
Several luxury high-rise multifamily properties in the Jersey City area have been refinanced this summer. In late July, a joint venture between Kushner Real Estate Group and National Real Estate Advisors secured a $255 million loan to refinance Journal Squared III, a 598-unit residential tower in Jersey City. Pacific Life issued the 12-year, fixed-rate note in the deal that was also arranged by JLL Capital Markets.
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A month earlier, Blackstone Real Estate Debt Strategies originated a $515 million note for the refinancing of the first phase of The Journal, a 2 million-square-foot mixed-use development, adjacent to the Journal Squared community. Upon completion, the Kushner Cos.’s nearly $1 billion project will feature 1,723 apartments across two 52-story towers as well as a 12-story, 40,000-square-foot retail podium leased to Target. The loan, arranged by Newmark, will be used to complete construction and lease-up.
Also in June, TKK Capital refinanced One Grove, a 200-unit multifamily property in Jersey City, with an $81 million loan arranged by Cushman & Wakefield on behalf of borrower Société Général.
