JLL Capital Markets secured the $193 million non-recourse construction financing for Pathside, a 605-unit high-rise at the Journal Square PATH in Jersey City, NJ

Thomas E. Didio Jr.

 MORRISTOWN, NJ, Aug. 21, 2023 – JLL Capital Markets announced today that it has arranged the $193 million non-recourse construction financing for Pathside, a 605-unit to-be-built, luxury high-rise apartment building located in the Journal Square neighborhood of Jersey City, New Jersey.

 JLL worked on behalf of the borrower Panepinto Properties, Inc. (“Panepinto”) to secure a five-year, floating-rate loan through Pacific Life. 

 

With an anticipated completion of Q2 2026, Pathside will feature, studio, one-, two- and three-bedroom units, averaging 710 square feet. Additionally, the property will feature 3,200 square feet of ground-floor commercial space.

Gerard Quinn

The project is being built by AJD Construction, a privately owned company founded by Anthony J. Diaco in 1977 and specializing in high-rise residential buildings. 

Since that time, AJD has built over 50,000 apartments and prides itself as a streamlined company with the common goals of job completion, efficiency and customer satisfaction.

 

Pathside will be located at 499-507 Summit Ave. and is within an Opportunity Zone. The property is situated in the Journal Square neighborhood of Jersey City and directly adjacent to the PATH subway station, providing direct access to Manhattan.

 

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio, Jr., Director Gerard Quinn and Senior Analyst Salvatore Buzzerio.

Salvatore Buzzerio

“We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline.

 

"Pacific Life provided the borrower team with an accretive non-recourse, single source solution in a very challenging market for large construction loans,” stated Thomas E. Didio, Jr.

 

 He added that negotiations were successfully led by Joseph Panepinto, Jr., on behalf of the borrower.

.

 

CONTACT:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

JLL Capital Markets arranges $28 million construction take-out financing for the 94-unit Casa Verde in the North Park neighborhood of San Diego, CA

  

Olga Walsh

SAN DIEGO, CA, Aug. 21, 2023 – JLL Capital Markets announced today that it has arranged the $28 million construction take-out financing for Casa Verde, a 94-unit, modern, urban infill apartment community located in the North Park neighborhood of San Diego, California.

 

JLL represented the borrower, Champion Real Estate Investments, to secure the non-recourse floating-rate bridge loan.

 

Casa Verde is located at 3066 North Park Way and sits at the center of San Diego’s highly desirable North Park neighborhood, within walking distance to over 100 dining and entertainment venues.

 

Jack Wood

Additionally, Casa Verde is within close proximity to the I-5, I-805 and multiple public transit options, providing tenants with easy access to area’s employment clusters, cultural attractions and other hallmarks of the San Diego lifestyle.

The community consists of studio and one-bedroom units, along with 3,000 square feet of restaurant space on the ground floor.

 

The JLL Capital Markets Debt Advisory team was led by Director Olga Walsh and Analyst Jack Wood.

 

CONTACT:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

CBRE Facilitates Lease for Crisp & Green at Second + State in Salt Lake City, UT

 

Second + State, a 13-story Class A office building
 in Salt Lake City, UT

Salt Lake City, UT –– CBRE has facilitated a 3,888-square-foot lease for Crisp & Green at Second + State, a 13-story Class A office building in Salt Lake City. The restaurant is scheduled to open in April 2024.

 

Nadia LeteY

CBRE’s Nadia Letey, Scott Wilmarth and Roman Bernardo represented the landlord, KBS, in the lease negotiations.

 

Scott Wilmarth 

"Second + State is excited to welcome Crisp & Green to the downtown area,” said Letey. “Having a healthy food option focused on health and wellness for our tenants and surrounding neighbors will be a great addition to the building.

"They will be a fantastic complement to our upcoming building amenities and create an enhanced environment for all employees.”

Roman Bernardo

The property is located at 215 S. State St. and is proximate to several local amenities including restaurants, hotels, entertainment venues and public transportation stations.

 

The building features an on-site grab-and-go concept, a fitness center, shower facilities, bicycle storage, on-site property management, controlled access and a conferencing facility.

 

 

CONTACT:

Derek Paumen

 Senior Communications Specialist
CBRE  Corporate Communications
C +1 651 302 1073
derek.paumen@cbre.com | LinkedIn

Regency Centers Closes Acquisition of Urstadt Biddle Properties

 

Lisa Palmer

JACKSONVILLE, FL, GLOBE NEWSWIRE -- Regency Centers Corporation (“Regency”) (Nasdaq: REG) announced the completion of its previously announced acquisition of Urstadt Biddle Properties Inc. (“Urstadt Biddle”) (NYSE: UBA and UBP) in an all-stock transaction. The combined company has a total equity market capitalization of more than $11 billion and an enterprise value of more than $16 billion.  The transaction grows Regency’s footprint of high-quality, grocery-anchored shopping centers in premier suburban trade areas, and is expected to be immediately accretive to Core Operating Earnings (defined below) while maintaining Regency’s liquidity and balance sheet flexibility and strength. The newly-combined portfolio is comprised of 480 properties encompassing more than 56 million square feet of gross leasable area. “We are proud of this transaction and excited to start unlocking the synergies and growth opportunities that we expect this combination to provide,” said Lisa Palmer, President and Chief Executive Officer of Regency. “These centers align well with Regency’s portfolio strategy and meaningfully expand our presence in strong trade areas in the Northeast.” RBC Capital Markets and Wells Fargo Securities acted as financial advisors and Wachtell, Lipton, Rosen & Katz has served as legal advisor to Regency Centers. Eastdil Secured and Deutsche Bank acted as financial advisors and Hogan Lovells US LLP has served as legal advisor to Urstadt Biddle.

 

CONTACT:

Christy McElroy
SVP, Capital Markets
904 598 7616
ChristyMcElroy@regencycenters.com