Greystone Provides $257.2M Refinancing for 1,155-Unit The Beacon Apartments in Jersey City

by John Nelson

JERSEY CITY, N.J. — Greystone, a privately held commercial real estate financial services firm, has provided a $257.2 million loan for The Beacon, a six-building apartment complex in Jersey City totaling 1,155 units.

The borrower, Building and Land Technology (BLT), is using the loan to refinance the construction loan stemming from the project’s adaptive reuse of a historic hospital. The Beacon opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs.

Judah Rosenberg of Greystone originated the Freddie Mac loan, which features a 10-year term and fixed interest rate. John Alascio, Alex Hernandez, Alex Lapidus, Mitch Rothstein, Brian Whitmer, Niko Nicolaou and David Bernhaut of Cushman & Wakefield arranged the financing on behalf of BLT.

“The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” says Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live-work-play environment.”

Situated on 14 acres near Jersey City’s Journal Square, McGinley Square and Bergen Lafayette neighborhoods, The Beacon is located within two miles of Jersey City’s central business district and about nine miles from Manhattan. The Art Deco apartment buildings and 510-space parking garage are located at 20, 24, 44 and 56 Beacon Way and 100, 88 and 126 Clifton Place.

The Beacon comprises a mix of studio, one-, two- and three-bedroom units and is one of the largest residential historic rehabilitations in the United States, according to Cushman & Wakefield. The property is listed on the New Jersey Register of Historic Places.

The 2 million-square-foot campus includes 80,000 square feet of retail space and a 25,000-square-foot fitness club called Club Aqua at The Beacon. The gated community also features fitness centers for residents, a yoga studio, indoor pool and hot tub, restored Art Deco theaters, children’s playrooms, high-floor sky lounges, dog runs, a playground, a one-acre private park, shuttle service and outdoor space with fire pits and grills.

BLT is a real estate owner and operator based in Stamford, Conn. The firm’s national portfolio includes more than 4,000 apartments, as well as 2,000 units underway; 6 million square feet of office space; more than 50 hotels; and several large mixed-use developments.

— John Nelson

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