C&W arranges $16M financing for St. Lucy’s Tower project in Jersey City

Cushman & Wakefield has arranged for $16 million in financing for St. Lucy’s Tower in Jersey City, the company said in statement.

The real estate firm was selected as the exclusive adviser to Claremont Development in securing acquisition and predevelopment financing for the tower, as well as construction financing for a 56,000-square-foot shelter.

Lionheart Strategic Management provided the loan.

“This opportunity within Jersey City’s fastest-growing neighborhood generated a competitive marketing process in which Lionheart exhibited their understanding for the project and its complexities,” Cushman & Wakefield’s John Alascio said. “We are thrilled for Claremont and Lionheart’s successful closing and for what is to come from this partnership.”

The equity, debt and structured finance team of Alascio, Chuck Kohaut, T.J. Sullivan and Zachary Kraft represented Claremont in the deal.

The 23-story, mixed-use redevelopment of St. Lucy’s Tower, located at 619 Grove St., will include 444 residential units, 5,600 square feet of ground floor commercial space, a five-story parking deck and 18,500 square feet of indoor and outdoor amenity space, the firm sad.

The shelter will be located across the street at 610-620 Grove and will include community facilities, administrative offices, counseling services and a homeless shelter operated by Catholic Charities.

The project is expected to be completed by the fourth quarter of 2022.