Jasmin Terrace II in Jersey City. – JLL
JLL Capital Markets announced Sept. 17 that it has arranged joint venture equity and acquisition financing for Jasmin Terrace II, a 56-unit, newly built, luxury apartment building in Jersey City.
JLL worked on behalf of the borrower, Tower Management Service LP, to arrange a joint venture equity investment from Lakerock, forming a new partnership between the two firms. JLL then represented the partnership in securing the $16.5 million, five-year, fixed-rate acquisition loan through RWC Lending.
Delivered in 2024, Jasmin Terrace II has eight stories of residential living within two- and three-bedroom apartment homes. Each unit features a private terrace, nine-foot ceilings, stainless steel appliances, quartz countertops, vinyl plank flooring and in-home laundry. Community amenities include a rooftop lounge with New York City skyline views, rooftop fitness center, fire pit and BBQ grills and garage parking.
JLL’s Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Thomas R. Didio and Thomas E. Didio Jr., Senior Director Gerard Quinn, Associate Michael Mataras and Senior Analyst Joseph Gruber.
“Our team’s deep experience in Jersey City has given us a front-row seat to the market’s remarkable evolution and strength,” said Quinn. “Jasmin Terrace II is well-positioned to capitalize on the growing demand for luxury rental product in Bergen-Lafayette, and we’re thrilled to have structured both the joint venture with Lakerock and the acquisition financing to support Tower’s expansion into this dynamic market.”
Jasmin Terrace II is located at 412 Whiton St. in the emerging Bergen-Lafayette neighborhood of Jersey City. The property offers walkable access to Jersey City’s light rail network, connecting to PATH trains and the ferry, plus proximity to Liberty State Park and a rapidly maturing retail and dining scene.