Urban Square Secures $13M Construction Loan for 42-unit Jersey City Rental Development

JLL Capital Markets has successfully arranged a $13.1 million construction loan for Vroom Street Apartments, a new luxury mid-rise apartment building to be developed at 72-76 Vroom Street in Jersey City's Journal Square area. The JLL team, led by Max Custer and Salvatore Buzzerio, represented Urban Square Properties in securing the two-year loan from First Bank.

Growth in Jersey City’s Multifamily Market

According to Max Custer, Jersey City's multifamily market has seen significant growth over the past decade, partly due to the movement of office tenants from Manhattan’s Hudson Yards and West Side to Jersey City. The financing for the Vroom Street Apartments highlights the strong demand in the area and marks a key milestone in developing this high-quality property.

Prime Transit-Oriented Location

Vroom Street Apartments will be ideally situated just an eight-minute walk from the Journal Square PATH Station, offering residents convenient access to key transportation hubs such as New York City’s Penn Station, the World Trade Center, and Newark’s Penn Station. The development is expected to be completed by fall 2025, providing a strategic location for commuters and city dwellers.