Golden Glades Capital Management has purchased BELA, a luxury community in Jersey City, N.J., for $53 million. The community is newly developed and features 104-units within a qualified Opportunity Zone.
A JLL Capital Markets team of Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli and J.B. Bruno represented the seller in the transaction, a joint venture of Alpine Development, Fields Development Group and Grade Development Co. The community was purchased free and clear of existing financing.
BELA is located in the Bergen-Lafayette neighborhood and is one block from Liberty State Park’s Hudson-Bergen Light Rail station. The community was completed in 2019 and the eight-story building offers rooftop views of Manhattan, a fitness center, yoga studio, grilling stations, outdoor lounge, club room, and furnished suites for any guests of residents. The community also offers onsite parking and bike storage.
In January, a different JLL Capital Markets team arranged $63.6 million in refinancing for the development of The Umbrella Factory in Brooklyn, N.Y.