A bird's eye view of the Beacon in Jersey City.

Greystone Provides $257.2 Million Loan for The Beacon in Jersey City, New Jersey

by Channing Hamilton

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.

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