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Urban Square Obtains Construction Debt for Jersey City Multifamily
JLL Capital Markets secured $13.1 million in construction financing for the development of Vroom Street Apartments, a 42-unit mid-rise luxury apartment building to be located at 72-76 Vroom St. in the Journal Square submarket of Jersey City. A JLL team led by director Max Custer and associate Salvatore Buzzerio represented the borrower, Urban Square Properties, to secure the two-year loan through First Bank.
“Jersey City’s multifamily market has experienced continuous success over the past decade, benefiting from office tenant migration to Hudson Yards and the west side of Manhattan,” said Custer. “The successful arrangement of construction financing for Vroom Street Apartments not only reflects the robust demand in this submarket but also represents a significant milestone in the development of this exceptional property.”
Situated in a transit-oriented location approximately an eight-minute walk from the Journal Square PATH Station, the property will provide direct access to New York City’s Penn Station, the World Trade Center and Newark’s Penn Station. It’s expected to deliver in the fall of 2025.
- ◦Financing
