Thursday, June 1, 2023
The Property Reporter
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home
No Result
View All Result
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home
No Result
View All Result
The Property Reporter
No Result
View All Result
Home Industrial

PacWest Lends $97M on Jersey City Apartment Project – Commercial Observer

PrR by PrR
2022-05-26
in Industrial
0
PacWest Lends $97M on Jersey City Apartment Project – Commercial Observer
20
SHARES
153
VIEWS
Share on FacebookShare on Twitter


Pacific Western Bank (PacWest) has supplied $97 million of construction debt for a transit-oriented multifamily development in Jersey City, Commercial Observer has learned.

The bank provided the loan to Ursa Development Group and Fields Grade Development for the joint venture’s $150 million 336-unit project called The Devan along Jersey City’s border with Hoboken. BlueGate Partners’ Mark DeLillo arranged the transaction.

Located at 3 New York Avenue, The Devan is being built on the site of a former industrial property that was home to Galaxy Recycling. It is a few blocks away from the 2nd Street Station for New Jersey Transit’s Hudson-Bergen Light Rail line. 

Officials for PacWest, Ursa Development Group and Fields Grade Development did not immediately return requests for comment. 

The Jersey City deal marks the second multifamily loan in the New York City metropolitan area this month for PacWest. It also teamed up with PCCP to provide a $109 million loan to Breslin Realty Development and Fields Grade Development for the co-developers’ planned 201-unit apartment project in Lynbrook, N.Y., on Long Island called The Langdon. 

Andrew Coen can be reached at acoen@commercialobserver.com.



Source link

Tags: 97MapartmentCitycommercialJerseyLendsObserverPacWestProject
Previous Post

PGIM Real Estate and Madison Cairn form UK hotels JV | News

Next Post

New York Sting Embroils 120 Companies In Fair Housing Lawsuit

Next Post
New York Sting Embroils 120 Companies In Fair Housing Lawsuit

New York Sting Embroils 120 Companies In Fair Housing Lawsuit

RECOMMENDED

Office Rental Market in Hungary and CEE: The Growing Gap Between New and Older Office Buildings

Office Rental Market in Hungary and CEE: The Growing Gap Between New and Older Office Buildings

2023-04-25
Reviving the High Street: Strategies for Reinvigorating Brick-and-Mortar Retail

Reviving the High Street: Strategies for Reinvigorating Brick-and-Mortar Retail

2023-03-25

MOST VIEWED

  • Fox Lake hopes to bring hotel to Mineola lakefront site; ‘Recognizing our unique position on the Chain O’ Lakes is a key driver for our progress’ – Chicago Tribune

    Fox Lake hopes to bring hotel to Mineola lakefront site; ‘Recognizing our unique position on the Chain O’ Lakes is a key driver for our progress’ – Chicago Tribune

    756 shares
    Share 302 Tweet 189
  • Doubling Down With the Derricos’ Deon boasts about ‘buying up blocks’ & promotes real estate business after foreclosure

    193 shares
    Share 77 Tweet 48
  • Historic home on 32-acre site annexed into Elgin for new industrial development free to anyone who wants to move it

    157 shares
    Share 63 Tweet 39
  • Plas Glynllifon’s new owner speaks for first time on difficult challenge to renovate mansion

    120 shares
    Share 48 Tweet 30
  • Atlanta developer plans downtown Dallas towers

    94 shares
    Share 38 Tweet 24

Recent Posts

  • Office Rental Market in Hungary and CEE: The Growing Gap Between New and Older Office Buildings
  • Reviving the High Street: Strategies for Reinvigorating Brick-and-Mortar Retail
  • The Rise of Experiential Retail: How Retailers are Creating Memorable In-Store Experiences
  • Alternative Investment Opportunities in Real Estate: Exploring Niche Markets
  • 2023 Real Estate Market Forecast: What Homebuyers and Sellers Can Expect

CATEGORY

  • Buying a Home
  • Hotel
  • Industrial
  • News
  • Office
  • Residential
  • Retail
  • Selling a Home
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Property Reporter

No Result
View All Result
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home

© 2021 Copyright Property Reporter