JLL Capital Markets on Thursday announced it successfully arranged joint venture equity and a $16.5 million acquisition loan for Jasmin Terrace II, a newly built, 56-unit Class A luxury apartment building located in Jersey City.
Working on behalf of the borrower, Tower Management Service LP, JLL structured a joint venture equity investment with Lakerock, establishing a new partnership between the two firms. JLL’s Capital Markets Debt Advisory team then represented the partnership in securing the five-year, fixed-rate acquisition loan through RWC Lending.
Delivered in 2024, Jasmin Terrace II is situated at 412 Whiton St. in Jersey City’s rapidly growing Bergen-Lafayette neighborhood. The eight-story property features spacious two- and three-bedroom residential units equipped with private terraces, nine-foot ceilings, quartz countertops, stainless steel appliances, and in-home laundry.
Community amenities designed for modern renters include a rooftop fitness center, a rooftop lounge boasting New York City skyline views, fire pits, BBQ grills, garage parking, and a secure package area. The location offers residents walkable access to Jersey City’s light rail network—connecting directly to PATH trains and ferries—as well as proximity to Liberty State Park and an expanding local dining and retail scene.
The transaction marks Tower Management Service LP’s official entry into the Jersey City real estate market.
“We’re honored to represent Tower Management as they make their entry into the Jersey City market,” JLL Senior Director Gerard Quinn said, who led the advisory team alongside Senior Managing Directors Thomas R. Didio and Thomas E. Didio Jr., 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. Jasmin Terrace II is well-positioned to capitalize on the growing demand for luxury rental product in Bergen-Lafayette.”
