West Side Square Development Fund secures $169M in financing for development project

West Side Square Development Fund on Wednesday said it entered into a loan agreement in the amount of $169.3 million through a variety of entities in its capacity as administrative agent on behalf of the lenders.

The entities are Avenir West Side Square, BPT WSS Funding LLC, Lexington EV Marion LLC, Lexington SI3 Marion LLC and BPSJ Marion LLC as well as BPT WSS Funding LLC.

The maturity date of the loan is June 30, 2027; however, the West Side Square Development Fund has the option to request two 6-month extensions of the term of the Loan (Dec. 31, 2027, or June 30, 2028, respectively), subject to the satisfaction of certain conditions under the loan agreement.

The West Side Square Development Fund was formed for the primary purpose of indirectly owning an interest in the development of a mixed-use purpose-built rental building containing 477 rental units and approximately 9,800 square feet of commercial space located at 66 Broadway in the West Side Square neighborhood in Jersey City. The project broke ground in December 2023.
The West Side Square Development Fund has entered into a development management agreement with Lantree Developments LP and Altree Management Inc.

“Securing construction financing and finalizing our development management agreement bring us one step closer to realizing our ambitious vision for West Side Square,” Raphael Mandelbaum, principal at LanTree Developments, said. “We are thrilled to celebrate our continued progress in bringing this transformative project to life and look forward to welcoming our first residents to the Journal Square neighborhood in 2026.”