The West Side Square Development Fund has secured a substantial loan of $169.3 million through its nominee entity, Avenir West Side Square LLC. The lenders involved in this agreement include BPT WSS FUNDING LLC, LEXINGTON EV MARION LLC, LEXINGTON SI3 MARION LLC, and BPSJ MARION LLC with administrative agent duties being fulfilled by BPT WSS FUNDING LLC.
This loan is set to mature on June 30th 2027 with the potential for two additional extensions of six months each upon meeting specific criteria.
In addition to this financing milestone, the West Side Square Development Fund has also enlisted the expertise of development manager firms Lantree Developments LP and Altree Management Inc. under a development management agreement. These companies will oversee all aspects of pre-development, construction services and development for an impressive mixed-use rental building featuring 477 units along with approximately 9,800 square feet dedicated to commercial space located at 66 Broadway in Jersey City’s Journal Square area as outlined in their initial public offering prospectus.
