BrightSpire Grants $43 Million Refinance On Luxury Jersey City Apartment Building

BrightSpire Capital has increased $43 million in bridge financing to Golden Glades Capital Management to refinance BELA Apartments, a newly built, luxury building in Jersey City, New Jersey.

The three-year, floating-rate bridge loan allowed Golden Glades to withdraw existing debt on the 104-unit asset and finish leasing it out. 

In March 2020, around the time of the onset of the pandemic, Pizzolato and Didio had represented Golden Glades in locking in $41 million in acquisition debt to acquire the property for around $53 million.

Golden Glades had purchased it free and clear from an existing debt from a joint venture partnership among Alpine Real Estate GroupFields Development Group and Grade Development Company.

BELA Apartments is situated in the Communipaw area of Jersey City, just a few blocks away from a host of public transit options that can take residents into greater New Jersey or New York’s five boroughs, as well as the main interstate thruway (Interstate 78) that provides direct access to Manhattan.  

The apartment building also just steps away from Jersey City Medical Center and also Liberty State Park, which sits on the banks of the Hudson River, overlooking Ellis Island and the Statue of Liberty.

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