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.
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