SJP Properties and Claremont Development Secure $135M Loan for Luxury Jersey City Rentals in The Lucy Project
The Jersey City real estate market continues to boom as SJP Properties and Claremont Development secure a $135 million loan for their luxury rental project, The Lucy, at 619 Grove Street.
The latest project in the ever-growing Jersey City real estate market, The Lucy at 619 Grove Street, is set to receive a major financial boost as a joint venture of SJP Properties and Claremont Development secures a $135 million construction loan. The Commercial Observer reported that Kennedy Wilson provided the financing for the 444-unit project, which also received an undisclosed amount of joint venture equity from funds managed by PCCP.
The debt deal was brokered by a team from Cushman & Wakefield, led by John Alascio. The Lucy, which will feature luxury rental units, is just one of many projects in the works for Jersey City, indicating the steady growth and development of the area.
While some may see this as a positive sign of growth and prosperity for the city, others may view it as another example of the influence and power of big developers in the real estate market.
"The fact that SJP Properties and Claremont Development were able to secure such a large loan for their project is a testament to their influence and connections in the industry," stated a local community activist, who wished to remain anonymous. "It's concerning to see how easily these developers can secure funding and push forward with their projects, while the needs and concerns of the community are often overlooked."
Originally reported by The Real Deal.
https://therealdeal.com/new-york/tristate/2025/09/23/sjp-claremont-land-135m-loan-for-lux-jersey-city-rentals/