Lions Group Secures $200 Million Loan From Goldman Sachs For Jersey City Development Site

The asset involved in this transaction is a development site located at 701 Newark Avenue in Jersey City. Lions Group is the landlord of the property, and it has secured a construction loan amounting to $200 million from Goldman Sachs for the Homestead Gateway project. This development will consist of 360 mixed-income units, including 90 affordable units and 270 market-rate apartments. The project incorporates additional features such as a rooftop lounge, a fitness center, and 3,000 square feet of retail space.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $200,000,000
• Lender: Goldman Sachs
• Landlord: Lions Group
• Brokers: Jimmy Cochran, Nicco Lupo, Jillian Grzywacz, Christopher (Chris) Peck, Michael Shmuely, Thomas (Tom) Didio & Alex Staikos - JLL
• Loan Type: Construction
• Market: Jersey City
• Project Units: 360 mixed-income units (90 affordable units and 270 market-rate apartments)
• Tax Credit: $90 million through the Aspire program
• Construction Start Date: December

The deal involved several key individuals and companies. The brokers representing Lions Group in this transaction are Jimmy Cochran, Nicco Lupo, Jillian Grzywacz, Christopher (Chris) Peck, Michael Shmuely, Thomas (Tom) Didio, and Alex Staikos from JLL. Their involvement signifies the collaborative effort behind securing the necessary financing for this substantial development project in Jersey City.