JERSEY CITY, N.J. — The Urban Investment Group at Goldman Sachs Alternatives has provided $200 million in financing for Homestead Gateway, a 34-story mixed-income multifamily project that will be located in Jersey City’s Journal Square neighborhood. The borrower is Lions Group, a family-owned development firm based in New York.
The package covers an array of financing instruments, including a construction loan, bridge debt facility, Low-Income Housing Tax Credit equity and a tax credit purchase through the New Jersey Economic Development Authority’s Aspire program. The financing package also includes a forward Freddie Mac commitment for the tax-exempt and taxable permanent loans.
The site is currently home to a municipal parking lot. Of the building’s 360 units, 90 will be set aside as affordable housing, although specific income restrictions were not announced. Homestead Gateway will also feature 3,000 square feet of ground-floor retail space and amenities such as a rooftop lounge, fitness center and shared workspaces. The groundbreaking is set to occur in the coming days.
Nicco Lupo, Christopher Peck, Michael Shmuely, Jillian Grzywacz, Alex Staikos, Jimmy Cochran and Tom Didio Jr. of JLL advised Lions Group on the structured capitalization and forward Freddie Mac commitment.
“Mixed-income developments like Homestead Gateway demonstrate how thoughtful housing solutions bring together families across income levels to create stronger, more prosperous communities,” says Asahi Pompey, chair of the Urban Investment Group at Goldman Sachs Alternatives. “This innovative approach doesn’t just help address the affordable housing crisis. It drives economic growth, brings neighborhoods together and delivers tangible benefits for families in Jersey City.”
— Taylor Williams