Walker & Dunlop announced that it arranged a $245 million loan from TYKO Capital to facilitate the construction of The Greyson, which is a 28-story, 622-unit Class-A mixed-use tower that will be located in Jersey City, New Jersey.
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 (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.
This property will rise on a 0.7-acre site in Journal Square, one of Jersey City’s most dynamic neighborhoods. And 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. Plus, 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 feature cutting-edge amenities, including a rooftop pool with Manhattan skyline views, a fitness center, immersive virtual reality and sports rooms, and thoughtfully designed communal spaces. And 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 attracting significant institutional and public investment, including opening the Centre Pompidou and reopening the historic Loew’s Jersey Theater. And 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.
Last year, Walker & Dunlop’s New York Capital Markets group sourced capital for transactions totaling nearly $12 billion from non-agency capital providers. And this vast experience has made them a top adviser on all asset classes for many of the industry’s top developers, owners, and operators.
KEY QUOTES:
“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. 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.”
- Michael Sokoloff, a partner at Nasser Freres
“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. We are proud to work alongside Nasser Freres to bring The Greyson to life and further elevate the neighborhood.”
- Keith Kurland, senior managing director and co-head of New York Capital Markers at Walker Dunlop
