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Truist provides $277M construction loan for Urby multifamily tower phase
The 748-unit project at 201 Hudson Street in Jersey City is the second phase of a 69-story tower that will add 528,000 rentable square feet and 10,000 square feet of retail.
Truist has secured $277 million in construction financing for the second phase of a multifamily tower in Jersey City, New Jersey, a Commercial Observer article said. The loan supports the sponsorship of 201 Hudson Street, a 748-unit development on the Jersey City waterfront by a Rockpoint and Urby joint venture.
The land was acquired for the project in July, and the financing was characterized by Truist National Real Estate as part of its support for multifamily sponsors pursuing developments in high-growth urban markets. Truist also said the deal reflects its continued commitment to the segment.
Newmark negotiated the debt and advised the joint venture partners on the joint venture capitalization, according to the report. The tower, located in the Paulus Hook neighborhood, is planned as a 69-story building with 528,000 rentable square feet and 10,000 square feet of ground-floor retail space.
Planned amenities for the development include a pool, a fitness center, and coworking spaces, the article said.