Goldman Sachs (GS) will arrange more than $200M of construction financing for a 360-unit residential tower in Jersey City, New Jersey, adding a combination of market-rate and affordable housing to an in-demand neighbor of New York City, according to a media report on Wednesday.
The 34-floor building, named Homestead Gateway, will be in the city’s Journal Square neighborhood, Bloomberg News reported, citing a statement from Jones Lang LaSalle’s (JLL) capital markets group. It’s being developed by Lions Group, a family-owned business that has executed more than $2B in real estate transactions, the report said.
Jersey City ranked No. 2 in PwC and the Urban Land institute’s “Markets to Watch” report.
Goldman Sachs’s (GS) Urban Investment Group is financing the project with a construction loan, bridge facility, low-income housing tax credit, and other public capital, JLL said in the statement.
Some 90 of the 360 residential units will be earmarked as affordable units for income qualified tenants.
Average rent for a one-bedroom apartment in Jersey City rose to $3,154 a month as of November, up 0.7% from a year ago, according to Apartments.com.