JERSEY CITY, N.J. — Greystone has provided a $257.2 million, fixed-rate Freddie Mac loan for The Beacon, a six-building complex with 1,155 apartment units. The borrower, Stamford, Connecticut-based Building and Land Technology (BLT), will use the loan to refinance construction debt from the redevelopment of the site. The Beacon was an adaptive reuse of a historic hospital in Jersey City. It opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs.
Greystone’s Judah Rosenberg originated the 10-year Freddie Mac Optigo loan. Cushman & Wakefield’s John Alascio, Alex Hernandez, Alex Lapidus, Mitch Rothstein, Brian Whitmer, Niko Nicolaou and David Bernhaut arranged the financing on behalf of the borrower.