Fields Grade, Park Stone Management Secure $37 Million to Refinance Property in Jersey City, New Jersey

by Kari Lloyd

JERSEY CITY, N.J. — Development partners Park Stone Management and Fields Grade Development Company received a $37 million-dollar permanent loan to refinance Le Léo, a 99-unit luxury rental building in Jersey City’s Journal Square. Mark DeLillo and Marc Schulder of Blue Gate Partners arranged the loan provided by Lakeland Bank.

Located at 244 St. Paul’s Ave., the six-story building is currently 88 percent leased and occupied. Property amenities include a fitness center, yoga studio, coworking space with conference room, outdoor rooftop terrace with barbecues, sun loungers and firepits. The property also features enclosed garage parking.  Designed by MHS Architecture, Le Léo also includes street-level retail space occupied by Choc-O-Pain French Bakery which is integrated into the lobby lounge.

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