JLL Capital Markets arranged a $71.96 million refinancing for The Hazel, located in the Bergen-Lafayette neighborhood of Jersey City.
Located at 89 Monitor St., the transit-oriented luxury apartment building offers 201 units and sits directly adjacent to the Liberty State Park Light Rail Station.
According to a Dec. 15 announcement, JLL secured a five-year, fixed-rate balance sheet loan through Truist Bank. The team represented the developers, a partnership between Alpine Residential and Fields Grade.
Senior Managing Director Thomas Didio, Managing Director Thomas Didio Jr., Associate Michael Mataras and Analyst Tyler Caricato led the JLL Capital Markets Debt Advisory team.
The Hazel sits just over a mile from the Grove Street PATH station and less than two miles from the Exchange Place PATH station – offering multiple routes to Manhattan.
Alpine Residential and Hoboken-based Fields Grade developed The Hazel in two phases. Delivered in early 2022, Phase 1 comprises 114 units. In late 2024, Phase 2 added 87 apartments to the collective project.
Overall, the seven-story mid-rise property features 190 market-rate and 11 affordable units, JLL said. The layout mix includes studios as well as one- and two-bedroom residences.
A ‘dynamic’ market
Additionally, The Hazel features amenity and commercial spaces.
The former includes a sky lounge, rooftop pool, coworking space and more. Ground-level retail space totals about 9,600 square feet across four suites and features a deli, fitness professional, child care provider and package service, JLL said.
“The successful refinancing of The Hazel demonstrates the continued strength of the Jersey City multifamily market,” said Didio Jr. “The property’s strategic location near Liberty State Park and excellent transit connectivity to Manhattan make it an exceptional investment in one of New Jersey’s most dynamic markets.”
According to JLL, the Jersey City Waterfront multifamily submarket has absorbed 10,920 units since 2018. Meanwhile, average asking rents have jumped 28%, to $4,350, during that period.
“This transaction highlights Truist‘s focus on providing financing solutions that meet the needs of our Northeast clients,” said Rebecca Cox, senior vice president & market manager, Truist National Real Estate. “With leadership from Katie Kennedy, our team delivered a solution that supports our client and affirms our confidence in markets with outstanding access to Manhattan, like Jersey City.”
Alpine Residential is also underway on another nearby project: the apartments coming to Liberty Science Center’s SciTech Scity along Liberty State Park.
