A long-stalled plan to bring a new 69-story tower to a block of Jersey City near the Hudson River has been jumpstarted by a loan that should move the development forward.
Newmark announced that they have arranged a $277 million construction loan on behalf of a joint venture between Urby and Rockpoint called 201 Hudson – by Urby. Work on the second phase started picking up late last year, when a parking lot at 200 Greene Street was demolished.
A joint venture between Urby and Rockpoint was announced just last month, with the project seeking $267 million in financing according to an offering memorandum. The endeavor represents the second phase of Urby’s waterfront residential development, with the first portion across the street being re-branded as Sable since Urby sold it to Veris Residential.
Designed by Toronto-based Concrete with HLW International as the architect of record, the northernmost tower of Urby’s second phase will be straightforward and lack any offset sections. The tower will deliver 748 market-rate apartments across approximately 528,000 rentable square feet, complemented by approximately 10,000 square feet of ground-floor retail space.
Urby’s next portion is set to feature a 272-space parking garage base with a valet option plus a finished rooftop. The financing will fund ongoing construction of the tower, which will feature a mix of studio, one-, two- and three-bedroom residences.
The development will also include a robust suite of lifestyle-oriented amenities, including a pool, fitness center, social and coworking spaces, outdoor recreation areas, and curated food-and-beverage offerings. The existing greenery between the Urby parking lot and Harborside 5 will also be spruced up under the plan, with a new pedestrian walkway and park space.
Co-Head of Global Debt & Structured Finance Jordan Roeschlaub and Vice Chairman Chris Kramer, Director Holden Witkoff and Analyst Jack Fenton arranged the financing on behalf of the joint venture with Truist. Newmark Co-Head of U.S. Capital Markets Adam Spies, Executive Vice Chairman Adam Doneger and Managing Director Michael Collins also advised Urby and Rockpoint on the joint venture capitalization.
Despite the financing, a possible groundbreaking for the project has not been announced. The property has gone quiet in recent months since the excavation of the former parking lot took place late last year.
The funding provides financing for the second phase of Urby, which has another approved tower for a potential third portion. It would be connected to the second portion via a base, with the entirety of the two phases spanning 1,510 units.
The southernmost tower will have a similar feel to the initial Urby phase with off-set sections, albeit less pronounced. There is no word on when that phase could move forward, or if it is still in the cards at all.
