Designed by Handel Architects, The Greyson at 25 Cottage St. in Jersey City will bring 622 apartments and office and ground-floor retail space to the city’s Journal Square section. — Rendering courtesy: Walker & Dunlop
By Joshua Burd
Nasser Freres has scored a $245 million construction loan to complete a 622-unit apartment tower in Jersey City, in a deal arranged by Walker & Dunlop.
According to the debt placement team, TYKO Capital provided the financing for what will be known as The Greyson at 25 Cottage St. The developer will use the loan proceeds to fund the balance of the project, which broke ground last summer in the historic Journal Square neighborhood and has a nearly completed steel frame.
The New York-based Walker & Dunlop team led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring represented Nasser Freres and identified TYKO Capital, which is backed by Elliott Investment Management, as the lender.
“The Greyson will redefine luxury living in Jersey City, appealing to renters seeking exceptional amenities and prime connectivity as a high-value alternative to Manhattan,” said Michael Sokoloff, a partner at Nasser Freres. “We are thrilled to partner with Walker & Dunlop and TYKO Capital on a project that will not only enhance the skyline but also contribute to the vitality of the Journal Square community.”
Occupying a 0.7-acre site, The Greyson will have 389,720 square feet of residential space with homes ranging from studios to three-bedroom units. Renters will have access to amenities such as a rooftop pool with Manhattan skyline views, a high-end fitness center, immersive virtual reality and sports rooms and communal spaces.
Plans also call for 44,551 square feet of office and 2,965 square feet of retail space along the newly extended Homestead Avenue, plus a new public pathway linking Newark Avenue and Pavonia Avenue, according to a news release. Both tenants and residents will be minutes from the Journal Square Transportation Center, which provides PATH service to other parts of New Jersey and to Lower and Midtown Manhattan, as well as cultural amenities such as the planned Centre Pompidou and the renovated Loew’s Jersey Theater.
“Jersey City has undergone a remarkable transformation over the past decade, becoming a magnet for residents seeking competitively priced, spacious rental options compared to NYC,” said Kurland, senior managing director and co-head of New York capital markets at Walker Dunlop. “We are proud to work alongside Nasser Freres to bring The Greyson to life and further elevate the neighborhood.”
Nasser Freres, Fulop break ground on 622-unit luxury apartment tower in Journal Square
