URSA Development Group and Fields Grade have landed $150 million in financing for their recently delivered multifamily property in Jersey City, The Devan.
The loan was arranged by BlueGate Partners, with the lender not revealed, according to a report from Real Estate NJ.
“This financing milestone underscores both the strong market fundamentals of Jersey City and the high quality of The Devan,” Mark DeLillo, BlueGate's founder and managing partner, said, according to the news outlet.
“We appreciate the lender’s professionalism and seamless approach and thank URSA and Fields Grade for its support and coordination during closing process.”
The Devan, located at 3 New York Avenue, consists of 336 multifamily units, ranging from studios to three bedrooms. The luxury site offers views of New York City through the rooftop lounge, a courtyard, a pool, a dog wash, a dog run, a fitness center and coworking spaces. The property, which delivered in 2024, is in proximity to the Hoboken Terminal.
As Zohran Mamdani starts his era as New York City Mayor, Greg Willett, chief economist at LeaseLock, predicted to GlobeSt.that Jersey City could come out as a big winner for multifamily investment and development. This comes as Mamdani has campaigned on freezing rents, which could force multifamily investors to pivot to other nearby markets that won't be held to the same potential regulatory standards as Gotham.
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