JERSEY CITY, N.J. — JLL Capital Markets has arranged $13.1 million in construction financing for the development of Vroom Street Apartments, a 42-unit project in the Journal Square neighborhood of Jersey City. JLL worked on behalf of the borrower, Urban Square Properties, to secure the two-year loan through First Bank. Max Custer and Salvatore Buzzerio led the JLL Capital Markets Debt Advisory team.
The unit mix at Vroom Street Apartments will include five studio units, 14 one-bedroom units and 23 two-bedroom units. The average unit size will be 913 square feet. Planned amenities include a community roof deck, fitness center, bike storage room and package room in the lobby. The property will also include 6,500 square feet of office space on the second floor of the building. Construction is expected to complete in the fall of 2025.