Nasser Freres Scores $245M for Jersey City Project
The 622-unit tower's completion date is set for 2026.
Nasser Freres has secured a $245 million construction loan for The Greyson, an upcoming 622-unit Class A tower in Jersey City, N.J. TYKO Capital—a private equity and credit investment platform backed by Elliott Investment Management—issued the funds. Walker & Dunlop provided representation for Nasser Freres in the financing proceedings.
AJD Construction serves as the project’s general contractor, while Handel Architects provides design services. The team broke ground in July on the at-the-time $300 million project. Completion is expected in the first quarter of 2026.
Set to rise 28 stories, the building will encompass 389,720 square feet of residential space including studio and one- to three-bedroom units, as well as 44,551 and 2,965 square feet of office and retail space, respectively.
Carrying the address 25 Cottage St., the project’s site is within Jersey City’s Journal Square, a 211-acre area undergoing redevelopment which aims to reposition the neighborhood into the city’s central business district.
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Amenities will comprise a rooftop swimming pool, gym, as well as sports and virtual reality rooms, among others. Additionally, the nearby Journal Square Transportation Center provides connectivity to Manhattan.
The Walker & Dunlop team that represented Nasser Freres in the financing negotiations included Senior Managing Directors Keith Kurland and Aaron Appel, as well as Jonathan Schwartz, Adam Schwartz and Managing Director Jordan Casella, among others.
Development momentum remains steady in Jersey City
Jersey City underwent a remarkable transformation throughout the past decade, positioning itself to rival New York City in terms of multifamily rents and unit sizes, according to prepared remarks by Kurland.
The city’s pipeline consisted of roughly 8,100 units underway as of December, Yardi Matrix data shows. Construction work began on about 4,000 units throughout 2024, a figure nearly identical to the one registered last year—some 3,900 units.
Developers took advantage of Jersey City’s Journal Square repositioning efforts. Last month, Kushner landed $175 million for Artwalk Towers, a 595-unit project, and in September, Namdar Group secured $152 million for 35 Cottage St., a 588-unit development. Both projects are inside Journal Square.
