JV Lands $277M for New Jersey Multifamily Project
This is the second phase in a larger waterfront development.
The joint venture between Urby and Rockpoint has received a $277 million construction loan for 201 Hudson – by Urby, a 748-unit multifamily project in Jersey City, N.J. Truist issued the note in a transaction arranged by Newmark.
The development marks the second phase of a larger, three-tower waterfront residential community.
The loan will fund the construction of a 69-story tower at 201 Hudson St., in Jersey City’s Paulus Hook neighborhood. Designed by Concrete Amsterdam and HLW International, the development will rise on the site of a former parking lot, which was demolished last year, Jersey Digs reported.
Upon completion, the 528,000-square-foot building will feature market-rate apartments with studio, one-, two- and three-bedroom layouts, as well as 10,000 square feet of ground-floor retail space. Shared amenities will include a swimming pool, a fitness center and coworking spaces.
Adjacent to the Exchange Place train station and the Harborside ferry terminal and light rail station, the development is less than 4 miles west of Lower Manhattan, across the Hudson River. The upcoming property will be within a 1-mile radius of the PATH train station on Grove Street, the Jersey City Medical Center, Liberty State Park and several schools.
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Newmark Co-Head of Global Debt & Structured Finance Jordan Roeschlaub, together with Vice Chairman Chris Kramer, Director Holden Witkoff and Analyst Jack Fenton arranged the financing on behalf of the partnership. Newmark Co-Head of U.S. Capital Markets Adam Spies, Executive Vice Chairman Adam Doneger and Managing Director Michael Collins acted as Urby and Rockpoint’s advisors on the joint venture capitalization.
Jersey City multifamily construction blooms
Urby and Rockpoint’s future tower is surrounded by several other multifamily communities under construction, including Panepinto Development’s Harborside 8. Related Cos.’s Harborside 4, as well as Ironstate’s planned Jersey City Urby Phase I and II towers are nearby, according to Yardi Matrix information. Other similar projects across Jersey City include Myneni Properties’ Imperial Tower, a 56-story mixed-use development, for which the company recently received $220 million in construction financing.
Additionally, 201 Hudson will also rise close to the Jersey City Urby high-rise, completed by Urby and Rockpoint in 2017. The 762-unit property is now known as Sable.
