JLL Capital Markets has secured $13.1 million in construction financing for the development of Vroom Street Apartments, a luxury mid-rise building consisting of 42 units located at 72-76 Vroom St. in Jersey City’s Journal Square submarket. The borrower, Urban Square Properties, was represented by a JLL team led by director Max Custer and associate Salvatore Buzzerio to secure the two-year loan through First Bank.
According to Custer, Jersey City’s multifamily market has seen continuous success over the past decade due to office tenant migration to Hudson Yards and Manhattan’s west side. The successful arrangement of construction financing for Vroom Street Apartments not only reflects strong demand in this submarket but also marks an important milestone in the development of this exceptional property.
The transit-oriented location is just an eight-minute walk from Journal Square PATH Station providing direct access to New York City’s Penn Station, World Trade Center and Newark Penn Station. Completion is expected in fall 2025.
