A new luxury multifamily apartment complex in Jersey City showcasing modern architecture.
Kushner Real Estate Group and National Real Estate Advisors secured $255 million in refinancing for the last tower of a luxury apartment complex in Jersey City. This significant deal reflects strong investor confidence in the local multifamily housing market. Additionally, One Grove, another prominent multifamily property, received an $81 million refinancing package, emphasizing the robust demand for high-quality residential spaces amidst ongoing urban development in the area.
In a significant financial move within the Jersey City real estate market, Kushner Real Estate Group and National Real Estate Advisors secured $255 million in refinancing for the final tower of their luxury apartment complex located at 615 Pavonia Ave. This development marks the completion of their multi-tower project, which has contributed to ongoing growth and investment in the city’s multifamily housing sector.
The refinancing deal covers the third and last tower of the high-end residential complex, emphasizing the strong demand for quality housing in Jersey City. The funding was arranged to support the final stages of the project, ensuring continued development and operational stability for the property.
Alongside the refinancing of the Kushner and National Real Estate Advisors’ project, another prominent property, One Grove, located at 215 Grove St., received $81 million in refinancing. The loan was provided by TKK Capital with arrangements handled by Cushman & Wakefield and was structured as a five-year, interest-only loan, reflecting strong investor confidence in multifamily assets in the city.
Completed in 2024, One Grove is a multifamily residence featuring a variety of floor plans from studio to three-bedroom units, covering between 485 and 1,376 square feet. About 30% of the units are equipped with private balconies or patios, catering to residents seeking outdoor space.
The property offers an extensive suite of amenities including a fitness center, clubhouse, rooftop terrace, coworking spaces, resident lounge, demonstration kitchen, and electric vehicle charging stations. These features align with Jersey City’s rising trend for high-quality, amenity-rich apartment living.
The Cushman & Wakefield team responsible for arranging the One Grove refinancing included Vice Chairman Brad Domenico, Managing Director Frank Stanislaski, and Senior Financial Analyst Jack Subers. Representing Société Générale, which provided the loan, were Director David Froschauer and Vice Presidents Paul Cognetti and Carlos Lambarri Altamira.
The transaction underscores the robust demand for high-end multifamily properties in Jersey City. Despite a notable decline in certain lending activities—reflected by a 39% year-over-year increase in multifamily loan originations in Q1 2025, juxtaposed with a 41% decrease from the previous quarter—the market remains strong in this sector.
Among recent developments, Tishman Speyer secured a $331 million construction loan for 50 Hudson St., a 924-unit apartment tower in Jersey City. The project is expected to contribute to the most significant new multifamily supply in the city for the year 2025, further illustrating the market’s vitality.
These recent financings highlight Jersey City’s position as a leading hub for multifamily housing development. Analysts note that the city’s real estate market demonstrates notable resilience and growth potential compared to broader market uncertainties. Cushman & Wakefield has emphasized Jersey City’s sustained appeal and the increasing confidence in its real estate prospects as key factors driving ongoing investments and new projects.
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