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3 Journal Square Urban Renewal LLC Refinances Multifamily Property In Jersey City For $58M

Property Image
FINANCED
$58,000,000
Gerard Quinn
Thomas E. Didio, Jr
John Cumming

New Jersey

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MultiFamily
Financed 03/16/2023
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Property Image
FINANCED

3 Journal Square Urban Renewal LLC Refinances Multifamily Property In Jersey City For $58M

2955 John F. Kennedy Blvd

See Similar Deals
MultiFamily
Financed 03/16/2023
Gerard Quinn
Thomas E. Didio, Jr
John Cumming
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

A multifamily property located at 2955 John F. Kennedy Blvd in Jersey City has recently undergone a refinancing transaction. The property consists of 240 units and is owned by 3 Journal Square Urban Renewal LLC.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $58,000,000
  • Date: 03/16/2023
  • Address: 2955 John F. Kennedy Blvd
  • Market: Jersey City
  • Units: 240

The refinancing of this multifamily property was facilitated by JLL Capital Markets, with Thomas Didio, Thomas E. Didio Jr., Gerard Quinn, and John Cumming acting as brokers in the deal.

Players

Thomas E. Didio, Jr
JLL
Thomas E. Didio, Jr
43 deals$2.9B volume
BROKER
Gerard Quinn
JLL
Gerard Quinn
31 deals$2.2B volume(973) 549-2045
BROKER
John Cumming
JLL
John Cumming
11 deals$702.5M volume
BROKER

Details

FINANCED
IMAGE: Thomas Didio, Thomas E. Didio Jr., Gerard Quinn & John Cumming DATE: 03/16/2023 ADDRESS: 2955 John F. Kennedy Blvd MARKET: Jersey City ASSET TYPE: Multifamily ~ UNITS: 240 LANDLORD: 3 Journal Square Urban Renewal LLC BROKERS: Thomas Didio, Thomas E. Didio Jr., Gerard Quinn & John Cumming - JLL Capital Markets (@JLL) LOAN AMOUNT: $58,000,000 LOAN TYPE: Refinancing LOAN TERMS: seven-year, fixed-rate loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$58,000,000.00

Monthly NOI$386,666.67
Monthly Debt Service$366,599.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00