The Devan at 3 New York Ave. in Jersey City — File photo
By Joshua Burd
A joint venture has secured $150 million in permanent financing for a new 336-unit multifamily property in Jersey City, in a newly announced deal by BlueGate Partners.
According to the debt placement team, an undisclosed lender provided the funds in connection with The Devan at 3 New York Ave. The deal follows the project’s completion in 2024 by the borrowers, URSA Development Group and Fields Grade, which added to the growing housing stock just south of the Hoboken border and minutes from Hoboken Terminal and other mass transit options.
Amenities at The Devan include a rooftop lounge with New York City skyline views, a high-end fitness center and coworking lounges, as well as an expansive courtyard with a pool, a private dog run and dog wash. Ownership also provides a dedicated shuttle to the busy transit hub.
BlueGate’s Mark DeLillo represented the borrowers, working alongside Suzanne Sciarra from URSA and Greg Russo from Fields Grade.
“This financing milestone underscores both the strong market fundamentals of Jersey City and the high quality of The Devan,” said DeLillo, the firm’s founder and managing partner. “We appreciate the lender’s professionalism and seamless approach and thank URSA and Fields Grade for its support and coordination during closing process.”
New amenities debut at 336-unit Jersey City project by Fields Grade, Ursa Development
