$81.195M financing secured for two multi-housing communities in Jersey City

MORRISTOWN, N.J., Feb. 25, 2025 –  JLL Capital Markets announced today that it has arranged a $81.195 million financing for Atlas and Starling, two newly constructed multi-housing properties in Jersey City, New Jersey.

JLL represented the borrower, Alpine Residential, to originate the five-year, interest only fixed-rate Freddie Mac loan for Atlas. JLL also worked to secure the five-year, interest only fixed-rate loan through Freddie Mac for Starling. Both loans will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.

Atlas, located at 270 Johnston St. and Starling, at 66 Monitor St., are both situated in the Bergen-Lafayette section of Jersey City, directly adjacent to the Liberty State Park Light Rail stop, offering exceptional transit-oriented development (TOD) locations.

Completed in 2025, Atlas features 169 units, including 11 affordable units, while Starling offers 39 units with three affordable units. Both properties are highly amenitized and include two commercial spaces each. The loan proceeds will be used to take out the existing construction loans, which were also arranged by JLL.

JLL Capital Market’s Debt & Equity Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr. and Senior Analyst Michael Mataras.

"We are pleased to have assisted Alpine Residential in securing permanent financing for these two high-quality multi-housing assets in Bergen-Lafayette," said Didio, Jr. "The assets’ exceptional location and submarket leading amenities, combined with unparalleled access to the Light Rail and mass transit, attracted significant lender interest for this refinancing."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Beachwold Residential and Alpine Real Estate Group formed a partnership named Alpine Residential in 2019, providing Beachwold Residential with a development division. Alpine Real Estate Group was a real estate development company founded by Bill Rosato and Todd Schefler in 2018. The predecessor company, Alpine Development Partners was formed by Bill Rosato in 2010.

Beachwold Residential is a privately-owned real estate company, focused on the development, acquisition and management of multi-family properties. Through its vast operational and ownership experience, in depth knowledge of our target markets and long-lasting relationships with brokers, lenders and property managers, Beachwold is able to identify and acquire undervalued assets that offer superior long-term returns and lower than average risk. Beachwold controls 72 properties and over 16,000 multi-family units in Connecticut, New Jersey, Virginia, Georgia, Florida, Texas and Tennessee.

By merging Alpine Real Estate Group with Beachwold Residential and creating Alpine Residential with the 50/50 ownership structure, Alpine is able to leverage the strong balance sheet of Beachwold. The legal, accounting, asset management and property management platforms of Beachwold have been integrated with Alpine and expanded where necessary. Beachwold received Alpine’s development expertise, employee infrastructure, proven development track record, and robust pipeline.

The goal is to pursue development opportunities in high barrier to entry markets throughout the northeastern United States and Florida where the principals have significant ownership and development experience. Alpine is building a portfolio of core multifamily assets that will be operated and managed by Beachwold and its wholly owned subsidiary, South Oxford Management. Beachwold and Alpine are both headquartered in the same office in Manhattan. South Oxford Management is based in Dallas, Texas with regional offices in Florida and Connecticut.

In their careers of over 30 years each, Todd and Bill have developed in excess of $1.5 billion of real estate including over 3,000 multi-family units. The Alpine Residential portfolio consists of 2,152 units ranging from developments in the approvals process to completed sites. In 2024, Alpine delivered 295 units across three properties – Atlas, Starling, and The Hazel Phase 2 - in the Bergen Lafayette neighborhood of Jersey City.