A project by Urban Square Properties will bring a new 42-unit apartment building to 72-76 Vroom St. in Jersey City. — Rendering courtesy: JLL
By Joshua Burd
A new 42-unit apartment building is coming to Jersey City’s Journal Square with the help of a $13.1 million construction loan, according to a debt placement team with JLL.
In a news release, the brokers said First Bank provided the financing to Urban Square Properties in connection with the project at 72-76 Vroom St. Slated to open in fall 2025, the boutique property will have all market-rate units with floorplans ranging from studios to two-bedrooms, with an overall average unit size of 913 square feet that JLL said is larger than that of comparable assets in the submarket.
Plans for Vroom Street Apartments also call for amenities such as a community roof deck with grills, a fitness center, a bike storage room and a secured package room in the lobby, the news release said. What’s more, the building will include 6,500 square feet of boutique office space on the second floor.
“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,” JLL’s Max Custer said. “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.”
Custer, a director with JLL, worked alongside Associate Salvatore Buzzerio to source the two-year loan on the borrower’s behalf. They noted that renters will be an eight-minute walk from the Journal Square PATH Station, which provides direct access to New York Penn Station, the World Trade Center and Newark Penn Station, while benefiting from Journal Square’s recent resurgence with the addition of thousands of new apartments.
Roughly half of the units at Vroom Street Apartments will have outdoor balcony space, JLL said.
