Nasser Freres Lands $245M Loan in Jersey City

A developer in New Jersey just landed a big loan for a mixed-use project in Jersey City.

Nasser Freres scored a $245 million construction loan for The Greyson, a project at 25 Cottage Street in the city’s vibrant Journal Square neighborhood. Walker & Dunlop, which advised the developer on the financing, announced the transaction.

TYKO Capital, Adi Chugh’s company that is backed by Elliott Investment Management, provided the financing for the 28-story, 622-unit development. Completion is expected for the first quarter of 2026 as construction topping off approaches, according to Multi-Housing News. Nasser broke ground on the $300 million project in July.

A Walker & Dunlop team including Keith Kurland and Aaron Appel arranged the deal for the borrower.

The development is split between 390,000 square feet of residential space, 45,000 square feet of office space and 3,000 square feet of retail space on Homestead Avenue. Residential amenities will include a rooftop pool, a fitness center and virtual reality rooms.

There are over 8,000 multifamily units in Jersey City’s pipeline as of December, according to Yardi Matrix. Construction began on roughly 4,000 units over the course of the year, marginally ahead of the previous year’s starts.

Journal Square is abuzz with much of the city’s development activity. Last month, Kushner Real Estate Group landed $175 million for Artwalk Towers in the neighborhood. KRE recently completed Journal Squared, a $900 million project comprising 1,800 units across three buildings.

Other major developments in the neighborhood include Namdar Group’s 588-unit development at 35 Cottage Street, a recent recipient of a $152 million loan.

TYKO, meanwhile, has emerged as one of real estate’s most important lenders. Chugh says he’s done $5 billion worth of loans since launching last August, including a $140 million construction loan to Charney Companies and Tavros Capital for a 348-unit project in Gowanus, Brooklyn.