Luxury New Jersey Property Secures Refi
One of a steady stream of projects in Jersey City, the community is located near a major transit hub.
Le Léo. Image courtesy of Yardi Matrix
Park Stone Management and Fields Grade Development Co. have landed $37 million in refinancing for Le Léo, a luxury property in Jersey City, N.J. Funds were provided by Lakeland Bank.
Le Léo, a six-story community located at 244 St. Pauls Ave., near the Journal Square neighborhood, features 99 units, according to Yardi Matrix data. Approximately 88 percent of the studio, one- and two-bedroom apartments at the property are occupied and 97 percent have been leased, Jonathan Feifer, founder and principal of Park Stone told Multi-Housing News.
“We are very pleased with the leasing and refinancing of the building and are excited about the future of Journal Square,” Feifer said. “We hope to continue to contribute to the evolution of Journal Square over the coming years.”
Ryan Greer approved the refinancing on behalf of Lakeland Bank. The owners were represented by Blue Gate Partners’ Mark DeLillo and Marc Schulder.
Le Léo is some 10 minutes walking distance from the Journal Square Transportation Center giving residents access to Lower and Midtown Manhattan, Newark, Hoboken and the larger Jersey City area via the Port Authority Trans-Hudson train system, or PATH. There are various commercial spaces, retail and dining options located nearby.
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Private buses and NJ Transit also service the transportation center, connecting the community to major employment centers. Schools in the city include St. Peter’s University, the New Jersey City University and Eastern International College.
Le Léo, designed by MHS Architecture, features a fitness center, yoga studio, coworking space, conference space, lounge and a rooftop deck with grills, lounge chairs, private dining areas and a mist station. A dog run, bike and resident storage spaces and gated parking are also included. Off the lobby lounge, a Choc-O-Pain—an area French bakery and cafe—occupies ground-floor retail space.
The neighborhood has been a residential development hub in recent years, with a nearby 1,089-unit mixed-use project, Emerson Lofts, recently moving into its second phase of construction. That property includes a 351-unit, 26-story tower and some 10,000 square feet of retail and public space. The second phase is set to include 338 apartments in another 26-story building.
