The Jersey City waterfront is again proving its worth, with $277 million in construction financing secured for 748-unit multifamily development 201 Hudson by Urby.

Newmark arranged the loan on behalf of a joint venture between Urby and Rockpoint for the 69-story tower rising at 201 Hudson St. in the Paulus Hook neighborhood.

The project represents the second phase of Urby’s waterfront residential development in Jersey City. With 528,000 rentable square feet for housing, the work will also introduce 10,000 square feet of ground-level retail space and unbeatable views of the New York Harbor and city skyline.

Newmark co-Head of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Chris Kramer, Director Holden Witkoff and Analyst Jack Fenton arranged the financing on behalf of the joint venture with Truist.

The latest construction financing will go toward building the tower. The structure will house a mix of studio, one-, two- and three-bedroom apartments. Meanwhile, resident amenities at the latest Jersey City Urby will include a pool, fitness center, social and coworking spaces, outdoor recreation areas, and curated food and beverage options.

Paulus Hook, primed for growth

Paulus Hook is bounded generally by Montgomery Street, Hudson Street, Dudley Street and Van Vorst Street/Marin Boulevard. A redevelopment plan for the area was last amended in March 2024. Later that year, the historic neighborhood made headlines for housing a record $221.5 million multifamily sale.

From its spot on Hudson Street, the newest Urby tower offers a location with convenient commuting options, including via PATH service, NY Waterway ferry routes and major regional roadways.

Newmark co-Head of U.S. Capital Markets Adam Spies, Executive Vice Chairman Adam Doneger and Managing Director Michael Collins also advised Urby and Rockpoint on the JV capitalization, announced earlier this summer.

The three-tower multifamily development earned approval for its Phase 2 work in 2024, following a cut in unit count and other updates. In disclosing the July update, Rockpoint COO and Managing Member Dan Domb pointed to Jersey City’s “strong demographic tailwinds, significant public and private investment, and exceptional transportation access to Manhattan.

Urby will co-manage construction and development at 201 Hudson – by Urby. It will also oversee property management and leasing the new tower alongside Rockhill, the property services affiliate of Boston-based real estate private equity firm Rockpoint.