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Walker & Dunlop has arranged a $245 million loan from TYKO Capital for the construction of The Greyson, a 28-story mixed-use development in Jersey City, New Jersey. The project features 622 residential units across 389,720 rentable square feet, plus 44,551 square feet of office space and 2,965 square feet of retail space.
The development, located in Journal Square, will offer various apartment configurations from studios to 3-bedrooms, alongside amenities including a rooftop pool with Manhattan skyline views, fitness center, and virtual reality rooms. The property’s strategic location provides access to the Journal Square Transportation Center, connecting to New Jersey and Manhattan.
The Walker & Dunlop New York Capital Markets team, which sourced nearly $12 billion in transactions in 2023, arranged the financing with TYKO Capital, backed by Elliott Investment Management.
Walker & Dunlop ha organizzato un prestito di 245 milioni di dollari da TYKO Capital per la costruzione di The Greyson, uno sviluppo misto di 28 piani a Jersey City, New Jersey. Il progetto include 622 unità residenziali distribuite su 389.720 piedi quadrati affittabili, oltre a 44.551 piedi quadrati di spazio per uffici e 2.965 piedi quadrati di spazio commerciale.
Lo sviluppo, situato a Journal Square, offrirà diverse configurazioni di appartamenti, da monolocali a trilocali, insieme a servizi come una piscina sul tetto con vista sullo skyline di Manhattan, un centro fitness e stanze per la realtà virtuale. La posizione strategica della proprietà consente di accedere al Journal Square Transportation Center, che collega New Jersey e Manhattan.
Il team dei Mercati di Capitale di Walker & Dunlop New York, che ha gestito quasi 12 miliardi di dollari in transazioni nel 2023, ha organizzato il finanziamento con TYKO Capital, sostenuto da Elliott Investment Management.
Walker & Dunlop ha organizado un préstamo de 245 millones de dólares de TYKO Capital para la construcción de The Greyson, un desarrollo de uso mixto de 28 pisos en Jersey City, Nueva Jersey. El proyecto cuenta con 622 unidades residenciales repartidas en 389,720 pies cuadrados alquilables, además de 44,551 pies cuadrados de espacio de oficinas y 2,965 pies cuadrados de espacio comercial.
El desarrollo, ubicado en Journal Square, ofrecerá diversas configuraciones de apartamentos, desde estudios hasta de tres habitaciones, junto con comodidades como una piscina en la azotea con vistas al horizonte de Manhattan, un gimnasio y salas de realidad virtual. La ubicación estratégica de la propiedad proporciona acceso al Journal Square Transportation Center, que conecta Nueva Jersey y Manhattan.
El equipo de Mercados de Capital de Walker & Dunlop New York, que ha gestionado casi 12 mil millones de dólares en transacciones en 2023, organizó el financiamiento con TYKO Capital, respaldado por Elliott Investment Management.
워커 & 던롭이 뉴저지 저지 시티에 위치한 28층 혼합 용도 개발인 더 그레이슨의 건설을 위해 TYKO 캐피탈로부터 2억 4천 5백만 달러 대출을 승인했습니다. 이 프로젝트는 389,720 평방 피트의 임대 가능한 공간에 걸쳐 622개의 주거 유닛과 44,551 평방 피트의 사무실 공간 및 2,965 평방 피트의 소매 공간을 포함합니다.
저널 스퀘어에 위치한 이 개발은 스튜디오부터 3베드룸까지 다양한 아파트 구성과 함께 맨해튼 스카이라인이 보이는 옥상 수영장, 피트니스 센터 및 가상 현실 방 등의 편의시설을 제공합니다. 이 property’s 전략적인 위치는 뉴저지와 맨해튼을 연결하는 저널 스퀘어 교통 센터에 대한 접근을 제공합니다.
2023년에 거의 120억 달러의 거래를 성사시킨 워커 & 던롭 뉴욕 자본 시장 팀이 엘리엇 투자 관리 회사의 지원을 받아 TYKO 캐피탈과 함께 자금을 조성했습니다.
Walker & Dunlop a organisé un prêt de 245 millions de dollars de TYKO Capital pour la construction de The Greyson, un développement à usage mixte de 28 étages à Jersey City, New Jersey. Le projet comprend 622 unités résidentielles réparties sur 389 720 pieds carrés louables, ainsi que 44 551 pieds carrés d’espace de bureau et 2 965 pieds carrés d’espace commercial.
Le développement, situé à Journal Square, offrira diverses configurations d’appartements, allant des studios aux trois chambres, ainsi que des commodités telles qu’une piscine sur le toit avec vue sur la skyline de Manhattan, un centre de fitness et des salles de réalité virtuelle. L’emplacement stratégique de la propriété permet un accès au Journal Square Transportation Center, qui relie le New Jersey à Manhattan.
L’équipe des Marchés de Capitaux de Walker & Dunlop New York, qui a réalisé près de 12 milliards de dollars de transactions en 2023, a organisé le financement avec TYKO Capital, soutenu par Elliott Investment Management.
Walker & Dunlop hat ein Darlehen in Höhe von 245 Millionen Dollar von TYKO Capital für den Bau von The Greyson, einer 28-stöckigen gemischt genutzten Entwicklung in Jersey City, New Jersey, arrangiert. Das Projekt umfasst 622 Wohneinheiten auf 389.720 Quadratfuß mietbare Fläche sowie 44.551 Quadratfuß Bürofläche und 2.965 Quadratfuß Einzelhandelsfläche.
Die Entwicklung, die sich in Journal Square befindet, bietet verschiedene Wohnungskonfigurationen von Studios bis hin zu 3-Zimmer-Wohnungen und Annehmlichkeiten wie einen Dachpool mit Blick auf die Skyline von Manhattan, ein Fitnesscenter und Virtual-Reality-Räume. Die strategische Lage der Immobilie ermöglicht den Zugang zum Journal Square Transportation Center, das New Jersey mit Manhattan verbindet.
Das Team von Walker & Dunlop New York Capital Markets, das im Jahr 2023 fast 12 Milliarden Dollar an Transaktionen vermittelt hat, hat die Finanzierung mit TYKO Capital arrangiert, das von Elliott Investment Management unterstützt wird.
Positive
- Secured substantial $245 million construction financing
- Project includes diverse revenue streams: residential, office, and retail spaces
- Strategic location near major transportation hub
- Strong track record demonstrated by $12 billion in transactions sourced in 2023
Insights
This $245 million construction loan marks a substantial financial commitment in Jersey City’s real estate market. The deal structure demonstrates strong institutional confidence in the project’s viability, particularly noteworthy given current market headwinds in commercial real estate financing. The involvement of TYKO Capital, backed by Elliott Investment Management, adds significant credibility to the project’s prospects.
The mixed-use development’s 389,720 square feet of residential space combined with 44,551 square feet of office space positions it well to capture rental demand from Manhattan spillover, potentially generating stable long-term cash flows. Jersey City’s rental market has shown resilience, with lower price points compared to Manhattan creating a compelling value proposition for young professionals.
For Walker & Dunlop (WD), this deal reinforces their growing market position in large-scale development financing. Their New York Capital Markets group’s $12 billion transaction volume in 2023 indicates strong revenue potential from their capital markets business line, which should positively impact their fee income streams.
The Greyson project strategically addresses key market demands in Jersey City’s evolving real estate landscape. The property’s location near the Journal Square Transportation Center capitalizes on transit-oriented development trends, while the mixed-use format aligns with current urban development best practices. The amenity package, including rooftop pools and virtual reality rooms, targets the high-income millennial demographic that’s increasingly choosing Jersey City over Manhattan.
The cultural infrastructure investments mentioned, including Centre Pompidou and Loew’s Jersey Theater, are significant drivers for neighborhood appreciation and rental demand. These developments typically correlate with increased property values and rental rates in surrounding areas. The project’s timing coincides with Jersey City’s emergence as a legitimate alternative to Manhattan, supported by ongoing institutional investment and infrastructure improvements.
BETHESDA, Md.–(BUSINESS WIRE)– 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.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241226945372/en/
Investors:
Kelsey Duffey
Investor Relations
Phone 301.202.3207
investorrelations@walkeranddunlop.com
Media:
Nina H. von Waldegg
VP, Public Relations
Phone 301.564.3291
Phone 301.215.5500
7272 Wisconsin Avenue, Suite 1300
Bethesda, Maryland 20814
Source: Walker & Dunlop, Inc.
FAQ
What is the size and value of The Greyson development financed by Walker & Dunlop (WD)?
The Greyson is a 28-story development financed by a $245 million loan, featuring 622 units across 389,720 rentable square feet of residential space, 44,551 square feet of office space, and 2,965 square feet of retail space.
Where is The Greyson project located and what are its key amenities?
The Greyson is located in Journal Square, Jersey City, featuring amenities including a rooftop pool with Manhattan skyline views, fitness center, virtual reality rooms, and communal spaces.
How much capital did Walker & Dunlop’s New York Capital Markets group source in 2023?
Walker & Dunlop’s New York Capital Markets group sourced capital for transactions totaling nearly $12 billion from non-Agency capital providers in 2023.
Who provided the $245 million loan for The Greyson project?
TYKO Capital, backed by Elliott Investment Management, provided the $245 million loan for The Greyson project.
