Jersey City, NJSize
BlueGate Partners, LLC (“BlueGate”) has been engaged on an exclusive basis by Park Stone Management (“Park Stone”) and Fields Grade Development Co. (“Fields Grade”) (collectively referred to as the “Borrower” or “Sponsor”), to secure permanent senior financing for Le Leo, a 99-unit luxury multifamily community located at 244 St. Pauls Ave, in Jersey City, New Jersey (the “Subject” or “Property”).
Le Leo is a 99-unit luxury, mid-rise apartment community situated in the thriving Journal Square neighborhood of Jersey City, New Jersey. This thoughtfully-designed property is began leasing in October 2022 and is expected to be fully leased by February 2023. In addition to 79 traditional units of various sizes and layouts, there are 20 four-bedroom furnished units that will be rented by the bedroom and operated by Common (www.common.com); this strategy was successfully implemented at another Fields Grade property in Jersey City earlier in 2022.