JLL Capital Markets has arranged a new joint venture equity investment and acquisition financing package for Jasmin Terrace II, a recently delivered luxury multifamily property in Jersey City. The transaction centers on a 56-unit apartment building, described as newly built and positioned as a high-end rental offering within the local market.
The JLL team represented Tower Management Service LP in structuring both the equity and debt components of the capital stack. Senior managing directors Thomas R. Didio and Thomas E. Didio Jr., senior director Gerard Quinn, associate Michael Mataras and senior analyst Joseph Gruber worked on behalf of the borrower to secure a joint venture equity investment from Lakerock. The investment creates a new partnership between Tower Management Service LP and Lakerock for ownership of Jasmin Terrace II.
Following the equity recapitalization, JLL Capital Markets then represented the newly formed partnership in arranging acquisition debt. The team secured a $16.5 million, five-year, fixed-rate loan from RWC Lending to finance the acquisition of the property. The facility is structured as acquisition financing and provides fixed-rate certainty over the initial term. Tower Management Service LP is entering the Jersey City market with this transaction, marking the firm’s debut in the city.
Jasmin Terrace II was delivered in 2024 and is located at 412 Whiton St. in the Bergen-Lafayette neighborhood of Jersey City. The property is characterized as a luxury apartment community and offers residents access to an urban neighborhood environment. The building’s location provides walkable access to Jersey City’s light rail network, with connections to PATH trains and ferry service, offering multiple transit options for commuters and residents.
The surrounding area is described as benefiting from proximity to Liberty State Park, giving residents access to significant open space and recreational amenities nearby. In addition, the Bergen-Lafayette neighborhood is noted as having a rapidly maturing retail and dining scene, which adds to the appeal of the location for multifamily renters. These neighborhood dynamics, combined with transit connectivity, form part of the investment thesis for the joint venture.
By combining new joint venture equity with a fixed-rate acquisition loan, the partnership between Tower Management Service LP and Lakerock has put long-term capital in place for Jasmin Terrace II. JLL Capital Markets’ role spanned both the equity and debt sides of the transaction, aligning investor capital with a newly built luxury multifamily asset in a growing Jersey City neighborhood.
