JLL and BlueGate Partners LLC arranges refinancing for premier mixed-use property in Jersey City's Waterfront district
MORRISTOWN, N.J., Sept. 10, 2025 /PRNewswire/ -- JLL's Capital Markets group, in conjunction with BlueGate Partners LLC, announced today that it has arranged a $340 million refinancing for 50 & 70 Columbus, a 938-unit mixed-use property located in Jersey City, New Jersey.
JLL and BlueGate represented the borrower, a joint venture between Ironstate Development Company and Panepinto Properties, in securing the balance sheet loans through Truist Financial Corporation, which served as Administrative Agent and Sole Bookrunner on the transaction.
Constructed in 2007 and 2015, respectively, 50 & 70 Columbus are high-rise residential towers spanning 36 and 48 stories. The communities feature studios, one-, two- and three-bedroom units with luxury finishes, including in-unit washers and dryers, walk-in closets, hardwood floors, stone countertops and stainless-steel kitchen appliances. Large windows provide abundant natural lighting and scenic views of the Hudson River and New York City skyline.
Residents enjoy best-in-class amenities, including a heated outdoor swimming pool, state-of-the-art gym, rooftop deck with BBQ grills, outdoor basketball court, sundeck, courtyard and on-site retail, complemented by 24-hour concierge service. The properties contain 27,746 square feet of fully leased commercial space and maintain strong occupancy exceeding 98%.
Ideally situated directly atop the Grove Street PATH station, the properties offer residents unparalleled connectivity to Manhattan, with the World Trade Center and Penn Station accessible in under 30 minutes. The location benefits from Jersey City's continued growth as a premier residential destination, with the local Class A multifamily market experiencing strong performance and consistent rent growth.
"This transaction underscores Truist's commitment to long-term relationships with premier real estate investors in the Northeast, a key growth market for us," said Rebecca M. Cox, Senior Vice President and Market Manager at Truist National Real Estate. "Led by Katie Kennedy, our team delivered a financing solution that reflects both our balance sheet strength and our confidence in Jersey City."
JLL Capital Market's Debt Advisory team, representing the borrower, was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, Senior Analyst Michael Mataras and Analyst Michael Donohoe.
"50 & 70 Columbus represent high-quality multifamily assets in one of the strongest transit-oriented locations in the New York metropolitan area," said Didio, Jr. "Combining the property's exceptional location atop the Grove Street PATH Station with an outstanding amenity package and strong sponsorship has driven continued renter demand to these assets."
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group'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 group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Ironstate Development Company
Ironstate Development Company is a full-service commercial real estate developer that brings decades of experience and commitment to every project from conception to execution. The company combines intelligence, precision, innovation, flexibility and imagination to deliver exceptional results across all its development initiatives.
About Panepinto Development
Panepinto Development has distinguished itself with a reputation as a pioneer for planning and developing innovative commercial, residential, hotel, and mixed-use developments, transforming urban neighborhoods since 1977. Over the past five decades, Panepinto has been dedicated to the renaissance of Jersey City. In recent years, the company has expanded its involvement in the revival of other upcoming coastal cities globally through Panepinto Global. Panepinto Fine Art was established to curate permanent contemporary art collections for residential, office and hotels. The company is deeply involved in developing the cultural, retail and shopping opportunities, transportation, and connective public spaces that generate lively urban interaction. For more information, visit the company's website at www.panepintodevelopment.com
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses. Truist is a top 10 commercial bank with total assets of $544 billion as of June 30, 2025. Truist Bank, Member FDIC. Learn more at Truist.com.
About BlueGate Partners
BlueGate Partners is a boutique real estate investment banking firm with offices in New York and Palm Beach. The firm provides investment sales, portfolio and property financing, joint-venture structuring, and debt and equity development capital raising across the major real estate asset classes. With a particular expertise in multifamily capital markets, BlueGate's principals have executed hundreds of assignments across the New York metropolitan area and nationwide.
About JLL
For over 200 years, JLL (NYSE:JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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