A development at the foot of Jersey City’s Grove Street has obtained a large refinancing deal just about a year after coming online.
Cushman & Wakefield announced that they arranged a new loan for the 200-unit One Grove in Jersey City. Located at 215 Grove Street, the development opened in 2024 after several years of construction.
The commercial real estate services firm worked on behalf of the borrower, Sing Wang of TKK Capital. Societe Generale provided the five-year, full-term interest-only loan for the property, which features a mix of studio to three-bedroom apartments featuring high-end finishes and appliances.
Cushman & Wakefield says that the deal underscores Jersey City’s continued prominence as a draw for renters, along with occupants’ desires for well-located properties. One Grove is located next to Morris Square Park, near the Grove Street PATH station, and a short walk to both bus and service on the Hudson Bergen Light Rail.
“This transaction highlights both the ongoing demand for well-located, high-quality multifamily properties and the strength of Jersey City’s real estate market,” commented Cushman & Wakefield’s Vice Chair Brad Domenico. “Our team was able to leverage our expertise in this sector and market to secure favorable terms for the borrower in a competitive financing environment.”
Besides long-term leases, One Grove offers furnished, short-term rentals. Approximately 30% of the units feature private outdoor spaces and the property sports amenities like a landscaped rooftop terrace, a state-of-the-art fitness center, coworking space, and resident lounge.
Greystar handles leasing operations at the property, where rents start at just about $3,000 per month. The area has become sought-after, as evidenced simply by looking around while standing outside the One Grove complex.
There is currently another 106-unit development is under construction directly next door One Grove, while preliminary work has begun on a larger 300-unit project located directly across the street.
