The NRP Group on Tuesday said it broke ground on a 401-unit multifamily apartment development in the Port Liberté neighborhood of Jersey City, thanks to a partnership with Rockwood Capital, Citizens Bank and Fifth Third Bank, and G&S Investors.
Located at 190 Chapel Ave., the community is just south of downtown Jersey City, and adjacent to Liberty National Golf Course. The development will provide a new highly amenitized living opportunity with proximity to ample green spaces, bike pathways and the renowned Liberty State Park.
The community, which is scheduled to open in the summer of 2025, will be NRP’s second development in Jersey City, one of the nation’s fastest-growing cities.
“Jersey City continues to invest in its infrastructure and foster the conditions for growth,” Jonathan Gertman, senior vice president of development at the NRP Group, said. “Port Liberté as an established community is a vibrant and desirable destination for residents. I’m thrilled to bring new multifamily development to the area alongside our excellent partners who are committed to continued investment in Jersey City.”
Joint venture equity investment for the project was provided by Rockwood Capital, marking NRP’s first-ever partnership with the seasoned investment firm. G&S Investors, an experienced owner and developer in Jersey City, is co-developing the project with NRP. Citizens Bank and Fifth Third Bank provided senior construction loans.
“At present, building housing in America is challenging,” J. David Heller, principal, CEO and president at the NRP Group, said. “Participating in strategic partnerships that bring deep expertise and experience is the driving force behind penciling deals and seeing them across the finish line. NRP is committed to working with financial partners and communities that are as invested in providing vital housing as we are.”
