JLL Arranges $16.5M Loan and JV Equity for Tower Management Service's 56-Unit Jersey City Multifamily

JLL Capital Markets has arranged joint venture equity and a $16.5 million acquisition loan for Tower Management Service, L.P.'s purchase of Jasmin Terrace II, a newly built, 56-unit luxury apartment building at 412 Whiton St. in Jersey City, New Jersey, the firm announced Sept. 17.

JLL worked on behalf of Tower Management Service, L.P. to structure a joint venture equity partnership with Lakerock, then represented the newly formed partnership in securing the $16.5 million, five-year, fixed-rate acquisition loan through RWC Lending.

Deal Structure and Financing Terms

The transaction pairs joint venture equity from Lakerock with senior debt from RWC Lending, creating a new partnership between Tower Management Service and Lakerock for the Bergen-Lafayette asset. At $16.5 million in debt across 56 units, the loan equates to roughly $294,600 per unit on the 56,000-square-foot building.

JLL's Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Thomas R. Didio and Thomas E. Didio Jr., Senior Director Gerard Quinn, Associate Michael Mataras and Senior Analyst Joseph Gruber.

"We're honored to represent Tower Management as they make their entry into the Jersey City market," said Gerard Quinn. "Our team's deep experience in Jersey City has given us a front-row seat to the market's remarkable evolution and strength. Jasmin Terrace II is well-positioned to capitalize on the growing demand for luxury rental product in Bergen-Lafayette, and we're thrilled to have structured both the joint venture with Lakerock and the acquisition financing to support Tower's expansion into this dynamic market."

Property Profile: Jasmin Terrace II

Delivered in 2024, Jasmin Terrace II rises eight stories and offers two- and three-bedroom apartment homes. Unit finishes include private terraces, nine-foot ceilings, stainless steel appliances, quartz countertops, vinyl plank flooring and in-home laundry. The building was constructed with concrete and steel, distinguishing it from older walk-up stock in the surrounding neighborhood.

Community amenities include a rooftop lounge with New York City skyline views, a rooftop fitness center, fire pit and BBQ grills, a secured package area and garage parking. Rental listings show asking rents ranging from approximately $2,489 to $3,556 per month across available units, with two-bedroom, two-bathroom homes in the 890- to 924-square-foot range asking in the low- to mid-$3,000s.

Bergen-Lafayette Location and Transit Access

Jasmin Terrace II sits in Jersey City's Bergen-Lafayette neighborhood, north of Liberty State Park. The property offers walkable access to Jersey City's light rail network, which connects to PATH trains and ferry service to Manhattan. The surrounding area features proximity to Liberty State Park's open space and a maturing retail and dining scene.

Bergen-Lafayette has drawn increased investor attention as a transit-adjacent submarket where newer Class A product commands a premium over the neighborhood's older housing stock. The combination of light rail connectivity, park access and new construction amenities positions Jasmin Terrace II within a segment of the Jersey City market that has seen growing demand for luxury rental product.

About the Sponsor: Tower Management Service, L.P.

Tower Management Service, L.P. is a real estate operating company specializing in multifamily residential properties. Headquartered in River Edge, New Jersey, the firm manages a portfolio of approximately 2,200 apartment units across 22 garden-style communities in New York State and New Jersey. Founded more than 30 years ago, Tower Management Service has built its primary geographic concentration in Northern New Jersey while also expanding into New York's Hudson Valley and Capital Region. The firm employs approximately 77 professionals — 11 at the corporate level and 66 at property sites — and maintains a fully integrated ownership and management platform. The Jasmin Terrace II acquisition marks Tower Management Service's entry into the Jersey City market.

JLL Capital Markets operates as a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries.