A joint venture between Rockpoint and Urby secured $277 million in construction loan financing. These funds are designated for the development of the second phase of a multi-family property in Jersey City, as reported by Commercial Observer. Truist provided the loan for the 201 Hudson – by Urby project along the Jersey City waterfront, which will comprise 748 residential units.
Rockpoint and Urby partnered in July to acquire the site at 201 Hudson Street for this endeavour. Rebecca M. Cox, Senior Vice President and Market Manager at Truist National Real Estate, commented on the financing: “This financing reflects Truist’s continued commitment to supporting premier sponsors pursuing transformative multi-family developments in high-growth urban markets.”
Transaction Team and Project Scope
The transaction was led by Katie Kennedy, Northeast Market Leader at Truist. Walt Reece, Director of Real Estate Syndicated Finance at Truist Securities, was responsible for the syndication. Newmark negotiated the financing with a team consisting of Jordan Roeschlaub, Chris Kramer, Holden Witkoff, and Jack Fenton. The same brokerage also advised the joint venture partners on the joint venture capitalisation, with Adam Spies, Adam Doneger, and Michael Collins involved here.
The 201 Hudson – by Urby project is located in Jersey City’s Paulus Hook neighbourhood and represents the second phase of a 69-storey tower. This will encompass a total of 528,000 rentable square feet and 10,000 square feet of ground-floor retail space. Community amenities are planned to include a swimming pool, a fitness centre, and co-working spaces.
Key Players in the Transaction
- —Financing Partner: Truist Bank
- —Developer: Rockpoint and Urby (Joint Venture)
- —Debt & Joint Venture Capitalisation Advisory: Newmark
- —Project Location: 201 Hudson Street, Paulus Hook, Jersey City
The involved companies Rockpoint, Urby, and Newmark did not respond to requests for comment at the time of publication.
