Developers Ursa Development Group and Fields Grade have secured a $150 million permanent loan from Truist Bank to refinance the Devan, a multifamily complex located at 3 New York Avenue in Jersey City. The financing, first reported by Real Estate NJ without naming the lender, was later identified by Commercial Observer as coming from Truist Bank. This new loan replaces a previous $97 million construction loan that Pacific Western Bank issued in 2022.
The Devan project, completed two years ago, consists of 336 residential units ranging from studios to three-bedroom apartments. Amenities for residents include a rooftop lounge, fitness center, pool, library, media room, coworking lounges, and shuttle service to the local New Jersey Transit station. The development was constructed on land formerly used by Galaxy Recycling.
BlueGate Partners’ Mark DeLillo arranged the refinancing deal. Ursa Development Group and Fields Grade did not respond to requests for comment.
Truist Bank has become increasingly active in Jersey City real estate financing. Last summer, Ironstate Development Company and Panepinto Properties obtained $340 million in loans from Truist Financial for their mixed-use complex at 50 and 70 Columbus. These twin high-rises were more than 98 percent leased at the time of financing and include nearly 28,000 square feet of fully occupied retail space.
In another recent transaction in Jersey City’s property market, Veris Residential sold the Harborside 8 and 9 development site to Panepinto Properties for $75 million. Panepinto plans to develop over 1,250 residential units across both sites: a 65-story building with 678 units at Harborside 8 and a 57-story building with 579 units at Harborside 9.
— Holden Walter-Warner
