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BlueGate Arranges Loan, Land Acquisition for 1,189-Unit Jersey City Project
BlueGate Partners closed on a $175-million construction loan for a new multifamily project to be built at 808 Pavonia Ave. in Jersey City, the first phase of a 1,189-unit development planned by The KRE Group. The development, called Artwalk Towers, is planned across two phases, with the second phase including a 100,000-square-foot space for Centre Pompidou x Jersey City, the only location in North America for the Parisian art museum.
The BlueGate team of Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin, and Eli Zaoutis worked on the transaction. In addition to arranging the construction loan from Kennedy Wilson, BlueGate also represented a private family on the land sale.
“Future residents of the towers will enjoy spectacular skyline views, state-of-the-art amenities,
and PATH train access to the World Trade Center in as little as 12 minutes,” said DeLillo. “In addition to a short commute to Manhattan, the site’s central location allows for terrific access to major employment centers of the Hudson County Waterfront, Newark and the greater metropolitan region.”
- ◦Financing
