Goldman Sachs Group Inc. signage is displayed on the floor of the New York Stock Exchange in New York, U.S., on Thursday, June 2, 2011. U.S. stocks retreated, a day after the biggest slump for the Standard & Poor's 500 Index since August, as investors awaited the Labor Department's monthly report on employment in the world's largest economy. Photographer: Jin Lee/Bloomberg (Bloomberg) -- Goldman Sachs Group Inc. is arranging more than $200 million of construction financing for a 360-unit residential project in Jersey City, New Jersey, adding a mix of market-rate and affordable housing to the New York City neighbor.
The project, a 34-floor tower dubbed Homestead Gateway in the city’s Journal Square neighborhood, is being developed by Lions Group, a family-owned business that’s completed more than $2 billion in real estate transactions.
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Jersey City ranked as the No. 2 US real estate “market to watch,” behind Dallas and ahead of Miami, according to a report this month by PwC and the Urban Land Institute.
About 2.8% of apartments in Jersey City were vacant as of the second quarter of this year, even though the city has added 20% to its apartment inventory over the past five years, according to the report. Apartment rental rates increased 2.4% in the past 12 months, double the national average growth rate.
Goldman’s Urban Investment Group is financing the project through a construction loan, bridge facility, low-income housing tax credit equity and other public capital, according to a statement by the capital markets group of Jones Lang LaSalle Inc., which advised on the deal.
Average apartment rents in Jersey City climbed to $3,152 a month in November, 93% higher than the US average but well below Manhattan averages, according to Apartments.com. The 360 units at Homestead Gateway will include 90 “affordable” rentals for income qualified tenants.
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