SJP Properties, Claremont Development, And Battery Global Advisors Secure $135M Loan For Development Site In Jersey City

The property asset involved in this transaction is a development site located at 619 Grove Street in Jersey City. The site is set for the construction of a 23-story rental tower known as The Lucy, which will consist of 444 units. The financing secured for this project totals $135,000,000, provided through a construction loan. The project also aims to preserve and integrate the historic St. Lucy’s Church, while offering additional modern amenities.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $135,000,000
• Lender: Kennedy Wilson & PCCP
• Landlords: Steven J. Pozycki - SPJ Properties, Richard Sciaretta - Claremont Development, Battery Global Advisors
• Broker: John Alascio - Cushman & Wakefield

The key individuals and companies involved in this transaction include Steven J. Pozycki, representing SPJ Properties, and Richard Sciaretta, representing Claremont Development, who along with Battery Global Advisors have secured financing for this development. John Alascio of Cushman & Wakefield played a crucial role in arranging the construction financing for the project.