Alpine Residential Lands $143M for NJ Project
The financing package includes a construction loan and equity placement.
Alpine Residential has obtained $142.7 million for the development of Scholars Village, a 500-unit multifamily project in Jersey City, N.J. The financing package includes a construction loan and equity placement.
JLL Capital Markets represented the borrower in securing the four-year, floating-rate note through Bank OZK and also arranged the preferred equity investment from EOS Residential Investors.
The development broke ground last year and is scheduled to come online in 2026. Taking shape at 225 Phillip St. in the Bergen-Lafayette neighborhood, the project is less than 2 miles from downtown Jersey City.
READ ALSO: Will Multifamily Thrive in ’25?
The deal comes on the heels of Alpine Residential’ refinancing of two other communities in the same neighborhood, within walking distance of Scholars Village. The company obtained two Freddie Mac loans for the recently completed properties.
Northern New Jersey multifamily construction is still robust. As of February, the under-development pipeline accounted for almost 30,400 units across 121 projects, Yardi Matrix information shows. Additionally, approximately 110,000 units were in the prospective and planned stages.
A two-tower residential project
Scholars Village will comprise two 12-story buildings and represents the residential component of SciTech Scity, a live-work-play campus. The unit mix will consist of studio, one-, two- and three-bedroom floorplans. The property will also feature more than 4,000 square feet of retail space.
Common-area amenities at the Class A project are set to include a fitness center, a swimming pool and a rooftop terrace, a playground and coworking spaces. The community will also have social spaces, a game room and a deck.
JLL Capital Market’s Debt & Equity Advisory team included Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr. and Senior Analyst Michael Mataras.
