TKK Capital Lands $81M Refi for Jersey City Community
The 200-unit property came online last year.
TKK Capital has obtained $81 million in refinancing for One Grove, a 200-unit multifamily property in Jersey City, N.J. Cushman & Wakefield arranged the deal on behalf of the borrower, while Société Générale provided the five-year, interest-only loan.
The Class A community came online last year. The developer took out a $50 million construction loan in January 2024 for this project, according to Yardi Matrix information.
Designed by MHS Architecture, the property is at 215 Grove St., within walking distance of the city’s downtown area. Newark Liberty International Airport is 10 miles away, while Manhattan is some 7 miles northeast.
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The 13-story building comprises studio, one-, two- and three-bedroom floorplans ranging from 485 to 1,376 square feet, as well as almost 1,000 square feet of retail space. Select layouts also feature private balconies or patios.
Common-area amenities include a fitness center, clubhouse, rooftop terrace and coworking space. Additionally, the property has a resident lounge and a demonstration kitchen, along with EV charging stations.
Cushman & Wakefield Vice Chair Brad Domenico, Managing Director Frank Stanislaski, and Senior Financial Analyst Jack Subers advised the borrower. Société Générale was represented in-house by Director David Froschauer, and Vice Presidents Paul Cognetti, and Carlos Lambarri Altamira, with advisory from Cushman & Wakefield Vice Chair Niko Nicolaou and Managing Director Ryan Dowd.
Multifamily originations decrease quarter-over-quarter
Multifamily loan originations saw a 39 percent year-over-year increase in the first quarter of 2025, according to the Mortgage Bankers Association. Despite this annual growth, originations dropped 41 percent from the previous quarter, as ongoing uncertainty continues to pose challenges for the real estate market.
In April, Tishman Speyer obtained a $331 million construction loan for 50 Hudson St., a 924-unit apartment tower in Jersey City. The building is the second phase of a 1,941-unit community.
