Walker & Dunlop Finances $245 Million for Jersey City Development
Walker & Dunlop, Inc. announced today that it has arranged a $245 million loan from TYKO Capital to facilitate the construction of The Greyson, a 28-story, 622-unit Class-A mixed-use tower that will be located in Jersey City, New Jersey.
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The Greyson (Photo: Business Wire)
The Walker & Dunlop New York Capital Markets team, led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella, and William Herring, acted as exclusive advisors to the client, Nasser Freres, and identified TYKO Capital, which is backed by Elliott Investment Management, as the lender. With the building already nearing top-off, the loan proceeds will fund the balance of costs to complete.
The property will rise on a 0.7-acre site in Journal Square, one of Jersey City's most dynamic neighborhoods. The development will feature 389,720 rentable square feet of residential space, offering a diverse mix of studios, 1-bedroom, 1-bedroom + den, 2-bedroom, and 3-bedroom apartments. Additionally, the project includes 44,551 rentable square feet of office space and 2,965 rentable square feet of retail along the newly extended Homestead Avenue.
"The Greyson will redefine luxury living in Jersey City, appealing to renters seeking exceptional amenities and prime connectivity as a high-value alternative to Manhattan," said Michael Sokoloff, a partner at Nasser Freres. "We are thrilled to partner with Walker & Dunlop and TYKO Capital on a project that will not only enhance the skyline but also contribute to the vitality of the Journal Square community."
The Greyson will boast an array of cutting-edge amenities, including a rooftop pool with Manhattan skyline views, state-of-the-art fitness center, immersive virtual reality and sports rooms, and thoughtfully designed communal spaces. Its strategic location offers residents seamless access to the Journal Square Transportation Center, ensuring connectivity across New Jersey and to downtown and midtown Manhattan. The property will also enhance the neighborhood with a new public pathway linking Newark Avenue and Pavonia Avenue, creating a vibrant and accessible urban experience.
Jersey City continues to attract significant institutional and public investment, including the opening of the Centre Pompidou and the reopening of the historic Loew's Jersey Theater. These cultural advancements, coupled with the city's competitive rental market and burgeoning economy, have cemented its status as a top destination for young, high-income renters.
"Jersey City has undergone a remarkable transformation over the past decade, becoming a magnet for residents seeking competitively priced, spacious rental options compared to NYC," said Keith Kurland, senior managing director and co-head of New York Capital Markers at Walker Dunlop. "We are proud to work alongside Nasser Freres to bring The Greyson to life and further elevate the neighborhood."
In 2023, Walker & Dunlop's New York Capital Markets group sourced capital for transactions totaling nearly $12 billion from non-Agency capital providers. This vast experience has made them a top adviser on all asset classes for many of the industry's top developers, owners, and operators. To learn more about Walker & Dunlop's broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE:WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
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