Building and Land Technology Secures $257M for Jersey City Luxury Asset

The Beacon. Image courtesy of Cushman & Wakefield

Building and Land Technology has landed $257.2 million in financing for The Beacon, a 1,155-unit, six-building luxury property in Jersey City, N.J., with the assistance of Cushman & Wakefield. The 10-year fixed-rate Freddie Mac loan was provided by Greystone.

In 2018, five of the community’s buildings became subject to loans from JPMorgan Chase totaling $213 million, with the sixth one being financed through a $11.8 million note from a private lender, according to Yardi Matrix information.

Completed in phases between 2012 and 2016, The Beacon incorporates studio, one-, two- and three-bedroom floorplans ranging from 360 to 2,124 square feet, Yardi Matrix shows. All apartments feature in-unit washers and dryers, with select units including hardwood floors. Community amenities encompass a sky lounge, an indoor pool and hot tub, three fitness centers and a yoga studio, as well as restored Art Deco theaters and a 1-acre private park.

In the heart of Jersey City

Located at 20, 24, 44 and 56 Beacon Way and 100, 88 and 126 Clifton Place, the 14-acre property is less than 5 miles from New York City via Interstate 78 and within walking distance of downtown Jersey City. Situated in one of the city’s most densely populated areas, the community is surrounded by numerous retail and entertainment options.

Greystone Vice President Judah Rosenberg originated the loan. The Cushman & Wakefield Equity, Debt and Structured finance team of Vice Chair John Alascio and Executive Managing Director Alex Hernandez, along with Senior Director Alex Lapidus and Analyst Mitch Rothstein, together with a Capital Markets team of Executive Director Brian Whitmer, Vice Chairman Nico Nicolaou and Executive Vice Chairman David Bernhaut, represented the borrower. Alascio was recently involved in securing $147 million in construction financing for a mixed-use development in Northern New Jersey.