Updated Sep 18, 2026
Tower Management Service And Lakerock Acquire 56-Unit Jasmin Terrace II For $16.5M In Jersey City
412 Whiton Street
$16,500,000
Units
56
Asset Type
MultiFamily
Closing
Sep 17, 2026
About this deal
AI
The multifamily asset involved in this transaction is the Jasmin Terrace II apartment building, located at 412 Whiton Street in Jersey City, NJ. The property consists of 56 units and was built in 2024. A loan amounting to $16,500,000 was secured for the acquisition of this asset.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $16,500,000
- Lender: RWC Lending
- Loan Type: Acquisition
- Loan Terms: five-year, fixed-rate
- Landlord: Lea Bell Caliandro - Tower Management Service, L.P.; Lakerock
- Broker: Gerard Quinn - JLL
The acquisition involved a partnership between Tower Management and Lakerock, with JLL facilitating the joint venture and acquisition financing. RWC Lending provided the financing necessary for the transaction specifically designed for the property acquisition.
On the Map
$16,500,000
MultiFamily
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Players
Whiton MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93