JERSEY CITY, N.J. — Alpine Residential has received a $142.7 million construction loan and equity placement for Scholars Village, a 500-unit project in Jersey City. The development is situated at 189 Phillip St., adjacent to the Liberty Science Center and across from Liberty State Park.
Scholars Village will consist of two 12-story buildings with 4,101 square feet of ground-level commercial space. The community will feature studio, one-, two- and three-bedroom floor plans. Planned amenities include a fitness center, coworking spaces and rooftop terraces.
Thomas Didio, Thomas Didio Jr. and Michael Mataras of JLL Capital Markets secured the four-year, floating-rate loan through Bank OZK on behalf of the borrower. In addition, JLL arranged a preferred equity investment from EOS Residential Investors.