Walker & Dunlop Arranges $245 Million Construction Loan for The Greyson, a Landmark Mixed-Use Development in Jersey City
Walker & Dunlop, Inc., a leading real estate services firm, Greyson has successfully secured a $245 million loan from TYKO Capital to support the construction of The Greyson, an ambitious 28-story, 622-unit Class-A mixed-use development in Jersey City, New Jersey. The project, poised to redefine the luxury rental market in the area, is being developed by Nasser Freres on a 0.7-acre site in the rapidly evolving Journal Square neighborhood.
Walker & Dunlop Secures $245M Loan for Greyson Landmark Jersey City Project
The loan was arranged by Walker & Dunlop’s New York Capital Markets team, comprised of senior professionals Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella, and William Herring. Acting as exclusive advisors to Nasser Freres, the team facilitated the partnership with TYKO Capital, backed by Elliott Investment Management, as the lender. With the building already approaching its top-off, the loan proceeds will be directed toward covering the remaining costs required to complete the project.
The Greyson will feature a blend of residential, office, and retail spaces, underscoring its mixed-use designation. The development will offer 389,720 square feet of rentable residential space comprising studio, one-bedroom, one-bedroom plus den, two-bedroom, and three-bedroom apartments. For commercial tenants, the project includes 44,551 square feet of rentable office space and 2,965 square feet of retail space located 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, 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 property’s appeal extends beyond its prime location and residential offerings. It will include state-of-the-art amenities tailored to attract discerning renters. Among the planned features are a rooftop pool with panoramic views of the Manhattan skyline, a cutting-edge fitness center, virtual reality and sports rooms, and thoughtfully designed communal areas for socializing and remote work. These amenities, coupled with The Greyson’s proximity to the Journal Square Transportation Center, ensure unparalleled connectivity across New Jersey and into downtown and midtown Manhattan. Furthermore, the project enhances the local urban environment by introducing a new public pathway connecting Newark Avenue and Pavonia Avenue, fostering a vibrant and accessible neighborhood.
Journal Square, once a historic commercial hub, has undergone a remarkable resurgence in recent years. Significant institutional and public investments have transformed the area into a cultural and economic hotspot. The opening of the Centre Pompidou and the renovation of the iconic Loew’s Jersey Theater have further elevated the neighborhood’s appeal, making it a sought-after destination for both residents and tourists. These developments, alongside Jersey City’s competitive rental market, have solidified its reputation as a top choice for young, high-income renters seeking spacious and competitively priced alternatives to Manhattan.
“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 Markets at Walker & Dunlop. “We are proud to work alongside Nasser Freres to bring The Greyson to life and further elevate the neighborhood.”
The Greyson is expected to significantly contribute to the area’s ongoing revitalization while meeting the rising demand for premium rental housing. Its innovative design, high-quality construction, and emphasis on community integration position it as a flagship development in Jersey City’s thriving real estate market.
Walker & Dunlop’s role in securing financing for The Greyson underscores the firm’s expertise in sourcing capital for high-profile real estate projects. In 2023 alone, the company’s New York Capital Markets group arranged financing for transactions exceeding $12 billion from non-agency capital providers. This extensive experience has cemented Walker & Dunlop’s reputation as a top adviser to leading developers, owners, and operators across all asset classes.
The Greyson represents a landmark project for both Nasser Freres and the Jersey City community. As construction progresses toward completion, the development is set to reshape the Journal Square skyline and redefine urban living in one of the region’s most dynamic neighborhoods.
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.
