Ursa Development Group and Fields Grade Development are building a new 336-unit luxury apartment building at 3 New York Ave. in Jersey City, known as The Devan. — Rendering by Minno & Wasko Architects and Planners/Courtesy: BlueGate Partners LLC
By Joshua Burd
A joint venture has locked in nearly $97 million in financing to build a new 336-unit luxury apartment building in Jersey City, in a deal arranged by BlueGate Partners LLC.
Located near the Hoboken border, the project at 3 New York Ave. represents some $150 million in total development costs, according to the capital markets firm. BlueGate Managing Partner Mark DeLillo represented the borrowers, Ursa Development Group and Fields Grade Development, in securing the $96.7 million senior construction loan for what will be known as The Devan.
The firms did not disclose the name of the lender.
“This project is a collaborative effort between two of the most experienced developers in Jersey and Hoboken, Fields Grade Development and URSA Development,” DeLillo said. “In addition to numerous on-site amenities, future residents of the Devan will be able to enjoy a short walk to the light rail, neighborhood parks and an eclectic array of shopping and dining.”
When complete, The Devan will be join a growing cluster of high-end apartments in a historically industrial section of Jersey City, just west of the Holland Tunnel. Developers there have built thousands of units in recent years, banking on a location that is less than a mile from Hoboken Terminal and a short drive from the New Jersey Turnpike.
Designed by Minno & Wasko Architects and Planners, The Devan will repurpose a former industrial property alongside a recently completed, 131-unit building known as The Sawyer. The site is a few blocks south of NJ Transit’s 2nd Street Station for the Hudson-Bergen Light Rail.
