Jersey City’s The Hazel Secures $72M Refinancing for Luxury Tower

The Hazel is a modern luxury apartment community in Jersey City’s Bergen-Lafayette neighborhood. It just secured a major refinancing deal that highlights both its success and the strength of Jersey City’s rental market.

The property sits near Liberty State Park and stands seven stories tall. It’s a good example of how smart design, useful amenities, and strong transit connections are changing urban living on Jersey City’s south side.

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The Hazel Scores $71.96 Million in Refinancing

JLL Capital Markets arranged a $71.96 million refinancing package for The Hazel. They did this on behalf of developers Alpine Residential and Fields Grade.

The five-year, fixed-rate balance sheet loan comes from Truist Bank. That’s a clear sign of confidence from institutional lenders in both the project and the Bergen-Lafayette area.

Refinancing at this scale lets the owners lock in stable terms and reinvest in the property. It helps them stay competitive in one of the region’s hottest rental markets.

A Two-Phase Development Near Liberty State Park

The Hazel stands at 89 Monitor Street and was built in two phases. The first phase brought 114 units in early 2022, and a second phase added 87 more last year for a total of 201 apartments.

Its location near Liberty State Park is a big draw. Renters love the quick access to Manhattan-bound transit and the urban neighborhood vibe.

Bergen-Lafayette has become more attractive to people who want city living without losing easy connections to major job centers. That’s a big part of The Hazel’s appeal.

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Inside The Hazel: Residences and Amenities

The Hazel mixes style and function in a way that fits what Jersey City renters want now. Out of 201 apartments, 190 are market-rate and 11 are affordable units, with an average size of 747 square feet.

There’s a range of layouts, from efficient studios to roomy two-bedrooms. Interiors focus on modern finishes and convenience.

Nine-foot ceilings make the rooms feel open and bright

Luxury plank flooring adds durability and a modern look

Quartz countertops and stainless-steel appliances give kitchens a sleek touch

In-unit washers and dryers—honestly, who wants to haul laundry anymore?

The amenities aren’t just for show. Residents use a rooftop pool and sky lounge with skyline views, plus an outdoor mist station for those muggy summer days.

Inside, there’s a fitness center, co-working space for remote workers, and a secure package room for all those online orders. It’s a setup that fits how people live now.

Retail at the Ground Floor: A Built-In Neighborhood Hub

The Hazel also includes 9,588 square feet of commercial space across four ground-floor storefronts. Right now, there’s a deli, a fitness pro, a childcare provider, and a package service.

These businesses make daily life easier and support a walkable lifestyle. The building becomes more than just an apartment—it’s a real neighborhood spot.

Jersey City’s Multifamily Market Is on a Tear

This refinancing happens while the waterfront and nearby rental markets are booming. JLL says the Jersey City Waterfront Multifamily Submarket has absorbed 10,920 units since 2018.

Average asking rents have shot up 28% in that time, from $3,400 to $4,350. That’s not just about higher costs—it’s also about Jersey City’s growing reputation as a top urban destination, not just a cheaper Manhattan alternative.

Transit, Parks, and the Appeal of Bergen-Lafayette

JLL points to strong transit access to Manhattan and proximity to Liberty State Park as key reasons The Hazel stands out. Renters can commute easily and come home to a quieter, more residential neighborhood.

For investors and lenders, that means less vacancy risk and steadier rent growth. Bergen-Lafayette, once overshadowed by the waterfront, is now getting real attention.

Projects like The Hazel show how new development can expand what people think of as Jersey City’s core. They add density but still keep a neighborhood feel.

What This Means for Residents, Visitors, and the City

For Jersey City residents, The Hazel’s refinancing sends another signal that big investors still believe in the city’s future. If you’re hunting for where to stay in Jersey City, it’s clear that neighborhoods outside Downtown and the waterfront now offer high-end places with impressive amenities.

People thinking about getting to Jersey City for work or just a visit will notice that projects like The Hazel cluster near transit and main roads. That really cements the city’s reputation as a regional hub, doesn’t it?

Visitors searching for Jersey City hotels often end up wandering into nearby residential neighborhoods, sometimes daydreaming about a future move. They’re drawn by the parks, the skyline views, and the ever-growing list of local businesses.

Bergen-Lafayette keeps maturing, thanks to new shops, more residential buildings, and the pull of Liberty State Park. It’s starting to pop up in more guides to things to do in Jersey City too.

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Here is the source article for this story: Jersey City’s The Hazel Nabs $72 Million in Refinancing