A luxury apartment development located on Jersey City’s Grove Street has obtained a massive $81 million refinancing deal.
The refinancing package for One Grove, a 200-unit residential community was secured during the summer, according to a statement from Cushman & Wakefield who arranged the loan.
The five-year, interest-only loan was secured through Societe Generale on behalf of Sing Wang of TKK Capital.
The property, which opened at 215 Grove St. in 2024, features a mix of studio to three-bedroom apartments with high-end finishes and appliances.
Rents start at about $3,000 per month and Greystar handles leasing operations at the property.
Approximately 30% of the units include private outdoor spaces, according to the announcement.
Designed by MHS Architecture, One Grove is strategically positioned at the south end of the Grove Street corridor.
The property offers residents amenities including a landscaped rooftop terrace, state-of-the-art fitness center, co-working space, resident lounge, and demonstration kitchen.
The development also features a parking garage and is located near public transportation options including the PATH train and Hudson-Bergen Light Rail.
The property includes furnished short-term rental apartments, providing flexibility for various leasing needs.
The refinancing deal was disclosed on June 24.
Cushman & Wakefield said the transaction highlights both the ongoing demand for well-located, high-quality multifamily properties and the strength of Jersey City’s real estate market.
Brad Domenico, along with Frank Stanislaski and Jack Subers from Cushman & Wakefield’s Equity, Debt & Structured Finance group, advised the borrowers on the transaction. Additional advisory support came from Niko Nicolaou and Ryan Dowd of the firm’s Multifamily Advisory Group.
“Our team was able to leverage our expertise in this sector and market to secure favorable terms for the borrower in a competitive financing environment,” said Brad Domenico of Cushman & Wakefield.
Generative AI was used to produce an initial draft of this story, which was reviewed and edited by NJ Advance Media staff.
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