The steady drip of Jersey City projects in the works doesn’t appear to be turning off anytime soon.
A joint venture of SJP Properties, Claremont Development and Battery Global Advisors is ready to jump into the fray. The group landed a $135 million construction loan for The Lucy at 619 Grove Street, the Commercial Observer reported.
Kennedy Wilson provided the construction financing for the 444-unit project. On top of that, funds managed by PCCP invested into the project with an undisclosed amount of joint venture equity.
A Cushman & Wakefield team led by John Alascio brokered the debt deal and the equity transaction.
The 23-story property will consist of largely market-rate apartments, though there will be 13 affordable units. Other features include a rooftop pool, a sundeck replete with grills, outdoor terraces, a penthouse bar, coworking rooms, a fitness center, a game room and 251 parking spaces.
The design of the building, led by Michael Graves Architecture, will maintain much of the original structure of St. Lucy’s Church, a historic Catholic church and rectory. Two years ago, Catholic Charities of the Archdiocese of Newark opened a 165-bed transitional housing facility across the street as part of the redevelopment.
“We are proud to preserve the historic character of this site while creating a modern community that reflects Jersey City’s dynamic growth,” SJP chief executive officer Steven Pozycki said in a statement.
Elsewhere in the neighborhood, Adi Chugh’s Tyko Capital last month provided $358 million in construction financing for the Namdar Group’s projects at 29 Van Reipen Avenue and 612 Pavonia Avenue in Jersey City, expected to deliver more than 1,100 units to the Journal Square neighborhood.
Blackstone Real Estate Debt Strategies also provided a $515 million loan for Kushner Companies’ One Journal Square, which recently opened to residents. The development spans 2 million square feet across two 52-story towers, containing 1,723 units; the refinancing only covers the first phase of the development.
— Holden Walter-Warner
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Namdar nabs $358M loan for two Jersey City projects
Kushner’s Jersey City towers snag $515M loan
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