Truist Lends $277M on Jersey City Multifamily Tower Build – Commercial Observer
A joint venture between Rockpoint and Urby has secured $277 million of construction financing to develop the second phase of a multifamily tower in Jersey City, Commercial Observer has learned.
Truist provided the loan for the sponsorship’s 748-unit 201 Hudson – by Urby project along the Jersey City waterfront. Rockpoint and Ubry joined forces to acquire land at 201 Hudson Street for the project in July, CO first reported at the time.
“This financing reflects Truist’s continued commitment to supporting premier sponsors pursuing transformative multifamily developments in high-growth urban markets,” said Rebecca M. Cox, senior vice president and market manager at Truist National Real Estate.
The transaction was led by Katie Kennedy, Northeast market leader at Truist, with Walt Reece, a director of real estate syndicated finance at Truist Securities, leading the syndication, according to the firm.
Newmark negotiated the debt with a team consisting of Jordan Roeschlaub, Chris Kramer, Holden Witkoff and Jack Fenton. The brokerage firm also advised the joint venture partners on the joint venture capitalization with a team composed of Adam Spies, Adam Doneger and Michael Collins.
Located in Jersey City’s Paulus Hook neighborhood, 201 Hudson – by Urby marks the second phase of a 69-story tower that will include 528,000 rentable square feet and 10,000 square feet of ground-floor retail space. Community amenities will include a pool, a fitness center and coworking spaces.
Rockpoint, Urby and Newmark did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
