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New York & Tri-State  + New Jersey  + Finance  |  June 24, 2024
Emily Fu
By: Emily Fu

West Side Square Development Fund Lands $169M for NJ Development 

The West Side Square Development Fund has reached a loan agreement of $169.3 million through its nominee entity, Avenir West Side Square LLC, with BPT WSS FUNDING LLC, LEXINGTON EV MARION LLC, LEXINGTON SI3 MARION LLC, and BPSJ MARION LLC as lenders. BPT WSS FUNDING LLC acts as the administrative agent for the lenders. The loan matures on June 30, 2027, with options for two 6-month extensions, contingent on meeting certain conditions. 

Additionally, West Side Square Development Fund has engaged Lantree Developments LP and Altree Management Inc. as the development manager under a development management agreement. They will oversee pre-development, development, and construction services for a mixed-use rental building with 477 units and approximately 9,800 square feet of commercial space at 66 Broadway in Jersey City’s Journal Square. The project was detailed in the West Side Square Development Fund’s initial public offering prospectus. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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