Developers Land Fresh $150M Loan at Jersey City Complex

Developers of a Jersey City multifamily property snagged fresh financing for their recently completed project.

Ursa Development Group and Fields Grade landed a $150 million permanent loan from Truist Bank to refinance the Devan at 3 New York Avenue, the Commercial Observer reported. The financing was initially reported by Real Estate NJ, which did not note the identity of the lender.

The financing replaces a $97 million construction loan issued by Pacific Western Bank in 2022.

BlueGate Partners’ Mark DeLillo arranged the latest loan. Ursa and Fields Grade did not return requests for comment.

Work on the 336-unit complex wrapped two years ago. The property’s units range from studios to three-bedroom apartments. Residential amenities include a rooftop lounge, a fitness center, a pool, a library, a media room and coworking lounges. The building also provides shuttle service to the local New Jersey Transit station.

The $150 million development was built on the site of a former industrial property belonging to Galaxy Recycling.

Truist is becoming a frequent player in Jersey City financings. Over the summer, Ironstate Development Company and Panepinto Properties secured $340 million in balance sheet loans from Truist Financial for their 938-unit mixed-use complex at 50 and 70 Columbus in Jersey City.

Those twin high-rises, built in 2007 and 2015, were more than 98 percent leased at the time and include nearly 28,000 square feet of fully occupied retail space, capitalizing on Jersey City’s appeal as an alternative to Manhattan living.

Elsewhere in Jersey City, Veris Residential recently sold the Harborside 8 and 9 development site to Panepinto Properties for $75 million. Panepinto plans to build a large-scale residential and retail complex with a total of more than 1,250 residential units across both sites: a 65-story, 678-unit building at Harborside 8 and a 57-story, 579-unit building at Harborside 9.

— Holden Walter-Warner