#Jersey City #JLL #50 Columbus

$340 Million Refinancing Secured for 50 & 70 Columbus in Jersey City

In a landmark transaction that underscores the enduring demand for high-quality residential spaces in urban settings, JLL's Capital Markets group, in collaboration with BlueGate Partners LLC, has successfully arranged a $340 million refinancing for the mixed-use property located at 50 & 70 Columbus in Jersey City, New Jersey. This substantial financing supports a property that has become a cornerstone of the region's real estate landscape.

Overview of the Property

The two high-rise residential towers, constructed in 2007 and 2015, respectively, stand tall at 36 and 48 stories, and house a total of 938 luxury residential units. Designed with contemporary living in mind, these units offer a variety of layouts including studios and one, two, and three-bedroom apartments.

The residential units feature high-end finishes such as hardwood floors, stone countertops, and stainless steel kitchen appliances. Large windows fill the spaces with natural light while offering impressive views of the Hudson River and the iconic New York City skyline.

Premium Amenities

Residents of 50 & 70 Columbus enjoy an array of best-in-class amenities, including:

• - Heated outdoor swimming pool
• - State-of-the-art fitness center
• - Rooftop deck with barbecue facilities
• - Outdoor basketball court and sundeck
• - Landscaped courtyard
• - On-site retail spaces
• - 24-hour concierge service

The project also includes 27,746 square feet of fully leased commercial space, resulting in strong occupancy rates that exceed 98%. Its prime location right above the Grove Street PATH station offers residents quick access to Manhattan, with both the World Trade Center and Penn Station reachable in under 30 minutes, contributing to the area's appeal as a residential destination.

Financial Backing and Market Insights

The refinancing was facilitated through Truist Financial Corporation, which not only acted as the administrative agent but also held the position of sole bookrunner for this endeavor. Rebecca M. Cox, Senior Vice President and Market Manager at Truist, emphasized the company's commitment to fostering long-term relationships with premier real estate investors in the Northeast markets, with Jersey City being a focal point for future growth and investment.