A joint venture consisting of SJP Properties, Claremont Development, and Battery Global Advisors has secured a $135 million construction loan for a new residential project in Jersey City. The project, known as The Lucy, will be located at 619 Grove Street and is set to include 444 rental units.
Kennedy Wilson is providing the construction financing for the development. In addition, funds managed by PCCP have invested an undisclosed amount of joint venture equity into the project. Cushman & Wakefield facilitated both the debt and equity transactions, with John Alascio leading their team.
The Lucy will rise 23 stories and primarily offer market-rate apartments. There will also be 13 affordable housing units. Planned amenities for residents include a rooftop pool, sundeck with grills, outdoor terraces, penthouse bar, coworking rooms, fitness center, game room, and 251 parking spaces.
Michael Graves Architecture is overseeing the building’s design. The project aims to preserve much of St. Lucy’s Church’s original structure—a historic Catholic church and rectory—on the site. Two years ago, Catholic Charities of the Archdiocese of Newark opened a 165-bed transitional housing facility across the street as part of broader redevelopment efforts.
SJP chief executive officer Steven Pozycki said in a statement: “We are proud to preserve the historic character of this site while creating a modern community that reflects Jersey City’s dynamic growth.”
Other major developments are underway in Journal Square. Last month, Tyko Capital provided $358 million in construction financing for Namdar Group’s projects at 29 Van Reipen Avenue and 612 Pavonia Avenue; these are expected to bring over 1,100 units to the area. Blackstone Real Estate Debt Strategies recently issued a $515 million loan for Kushner Companies’ One Journal Square project—which just opened its first phase with two towers containing more than 1,700 units.
