A suburban New Jersey landlord with more than three decades in the apartment business has made its first move into Jersey City, closing on a 56-unit luxury building in Bergen-Lafayette with the help of a $16.5 million acquisition loan. The deal for Jasmin Terrace II at 412 Whiton Street involves 56 units in the neighborhood near Liberty State Park.
The financing was announced by JLL, which represented the borrower, Tower Management Service, L.P., in the transaction, according to Connect CRE. JLL also arranged a joint venture equity investment from Lakerock, which formed a new partnership with Tower Management, and represented that partnership in securing the five-year fixed-rate acquisition loan through RWC Lending, per Jersey Digs. The purchase marks the initial entry into the Jersey City residential market for Tower Management, which is headquartered in River Edge and has operated for more than 30 years, managing roughly 2,200 apartment units across 22 communities in New Jersey and New York, according to Daily Voice.
A New Luxury Rental Building
Jasmin Terrace II was delivered in 2024 and rises eight stories, offering two- and three-bedroom apartment homes with private terraces, nine-foot ceilings, stainless steel appliances, quartz countertops, vinyl plank flooring and in-home laundry, according to the seed reporting from Jersey Digs. Building amenities include a rooftop lounge, fitness center, fire pit and BBQ grills, a secure package area, and garage parking.
The JLL Capital Markets debt advisory team representing Tower Management was led by Thomas R. Didio, Thomas E. Didio Jr., Gerard Quinn, Michael Mataras and Joseph Gruber. Quinn, a senior director at JLL, said Jasmin Terrace II “is well-positioned to capitalize on growing demand for luxury rental product in Bergen-Lafayette,” per Jersey Digs. Didio Jr. holds the title of senior managing director at JLL alongside Didio Sr., while Mataras serves as an associate and Gruber as a senior analyst on the same team.
Transit Access Driving the Neighborhood's Appeal
The property has access to the Hudson-Bergen Light Rail, which connects with PATH trains at Exchange Place, according to Redfin. The area around the light rail station has seen numerous mid-size developments emerge over the last decade, per the original Jersey Digs report on the financing. Bergen-Lafayette is a Jersey City neighborhood near Liberty State Park.
Marketing materials for the building in September offered leasing incentives of up to two months of free rent to attract new residents to the newly rebranded concrete-and-steel property, per Realtor.com. Those concessions point to competitive local leasing conditions even as new supply reaches the neighborhood, while Jasmin Terrace II is a luxury rental building. JLL's global parent, Jones Lang LaSalle Inc., operates in more than 80 countries with a global workforce exceeding 112,000 employees as of mid-2026, giving the debt advisory team backing this deal considerable institutional reach.
