$13.1M in construction financing secured for Vroom Street Apartments

MORRISTOWN, N.J., July 18, 2024 - JLL Capital Markets announced today that the firm secured $13.1 million in construction financing for the development of Vroom Street Apartments, a to-be-built, 42-unit mid-rise luxury apartment building located at 72-76 Vroom Street in the Journal Square submarket of Jersey City, New Jersey.

JLL represented the borrower, Urban Square Properties, to secure the two-year loan through First Bank.

Expected to deliver in the fall of 2025, Vroom Street Apartments will be a best-in-class boutique apartment complex featuring 42 market-rate units consisting of a mix of five studio units, 14 one-bedroom units and 23 two-bedroom units. With an overall average unit size of 913 square feet, the units represent a larger unit size compared to comparable assets in the submarket.

Residents at Vroom Street Apartments will also enjoy a host of luxurious features, such as hardwood-style flooring, stone countertops, stainless-steel kitchen appliances, in-unit washer and dryer, oversized windows and outdoor balcony space available in 20 select units. The property will offer a first-class amenity package, including a community roof deck with grills, a fitness center, a bike storage room, and a secured package room in the lobby. Additionally, Vroom Street Apartments plans to deliver 6,500 square feet of boutique office space on the second floor of the building.

Situated in a prime, transit-oriented location approximately an 8-minute walk from the Journal Square PATH Station, the property provides direct access to New York City's Penn Station, The World Trade Center and Newark's Penn Station. Furthermore, the Journal Square area has become a magnet for young professionals and working-class families due to its strategic transportation infrastructure, proximity to employment centers and more affordable housing options compared to neighboring hubs.

The JLL Capital Markets Debt Advisory team was led by Director Max Custer and Associate Salvatore Buzzerio.

"Jersey City's multifamily market has experienced continuous success over the past decade, benefiting from office tenant migration to Hudson Yards and the west side of Manhattan," shared Custer. "The successful arrangement of construction financing for Vroom Street Apartments not only reflects the robust demand in this submarket but also represents a significant milestone in the development of this exceptional property."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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