Construction on a transit-oriented multifamily development in Jersey City is moving ahead with the help of almost $100 million in financing.
Pacific Western Bank provided a $97 million loan for The Devan, the Commercial Observer reported. The 336-unit project sits on the city’s border with Hoboken, mere blocks from the 2nd Street Station of the New Jersey Transit’s rail line.
Ursa Development Group and Fields Grade Development are leading the $150 million project, built on the site of a former industrial property belonging to Galaxy Recycling. It’s not clear how the rest of the joint venture’s financing shakes out, though ROI-NJ reported the developers secured $150 million in senior construction financing.
Mark DeLillo of BlueGate Partners arranged PacWest’s loan.
The multifamily development at 3 New York Avenue will include studio, one-, two- and three-bedroom apartments, ranging from 600 to 1,500 square feet. There will be ground-floor interior parking, bicycle parking and concierge services.
Other amenities at the property will include an outdoor terrace with a sundeck and swimming pool, grilling stations, a business center, a fitness center, a games lounge, a kids’ playroom and a rooftop pet play area with a dog wash.
Construction on the project has already commenced, according to ROI-NJ. It is slated for completion in 2024.
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Last year, PacWest was one of the senior lenders of acquisition financing for Wafra Capital Partners’ deal to buy 720 West End Avenue. PacWest and Related Companies combined to give $225 million to the affiliate of Kuwait’s sovereign wealth fund.
There are several big multifamily projects underway in Jersey City, which is a short commuter ride from the Big Apple. Earlier this year, Sequoia Development Group scored $95 million in construction financing for a 16-story, 300-unit project at 711 Montgomery Street. Parkview Financial and Montgomery Street Partners provided the financing.
[CO] — Holden Walter-Warner