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Newmark arranges $277M loan for Urby and Rockpoint Jersey City project
The 69-story tower, at 201 Hudson St., will ultimately deliver 748 market-rate apartments plus about 10,000 square feet of ground-floor retail, after the loan funds construction.
Newmark arranged a $277 million construction loan for a joint venture between Urby and Rockpoint tied to 201 Hudson St. in Jersey City, according to ConnectCRE.
The financing, arranged with Truist, will fund ongoing construction of the tower, a 748-unit multifamily development planned on the Jersey City waterfront.
ConnectCRE said the project will include a mix of studio, one-, two- and three-bedroom residences, along with amenities such as a pool, fitness center, social and coworking spaces, outdoor recreation areas, and curated food-and-beverage offerings.
Upon completion, the development will deliver 748 market-rate apartments across about 528,000 rentable square feet, plus approximately 10,000 square feet of ground-floor retail space.