A recently completed residential complex along the Hoboken and Jersey City border has a permanent deal in place as the neighborhood around it continues to grow.
BlueGate Partners has announced a $150 million financing agreement of The Devan, a 336-unit multifamily community situated at 3 New York Avenue. The endeavor transformed a property that was once home to a recycling center into a modern residential development tucked underneath the palisades.
BlueGate served as the exclusive financing adviser on behalf of the owner, a partnership between URSA Development Group and Fields Grade. The transaction was led by Mark DeLillo from BlueGate, Suzanne Sciarra from URSA and Greg Russo from Fields Grade.
The Devan, which opened in 2024, blends modern urban living with an impressive amenity package that includes a rooftop lounge with NYC skyline views, a state-of-the-art fitness center, library and media room, co-working lounges, and an expansive courtyard with pool.
“This financing milestone underscores both the strong market fundamentals of Jersey City and the high quality of The Devan,” said Mark DeLillo of BlueGate Partners. “We appreciate the lender’s professionalism and seamless approach and thank URSA and Fields Grade for its support and coordination during closing process.”
Residents of The Devan have seen a slew of other nearby construction wrap up in recent months. Hoboken’s Southwest Park expansion opened back in the fall, while the Southend Lofts across the street will be welcoming its first residents and stores soon. Another complex dubbed The Boundary that straddles the Hoboken/Jersey City line is also fully approved just a block away.
