JLL secures $200 million financing package for the development
Developer Lions Group is preparing to begin construction this week on a 34-story residential tower in Jersey City’s Journal Square, backed by roughly $200 million in newly arranged financing.
The New York–based firm plans to host a groundbreaking ceremony on Thursday for Homestead Gateway, a 360-unit skyscraper set to rise at 701 Newark Ave. The project, located on a former city-owned parking lot, will include 90 affordable units along with market-rate apartments.
JLL served as the adviser for Lions Group in assembling the capital structure. According to JLL, the Urban Investment Group at Goldman Sachs Alternatives provided a tailored, multi-layer financing package totaling nearly $200 million. This includes a construction loan, bridge facility, Low-Income Housing Tax Credit (LIHTC) equity, and an Aspire state tax credit purchase. Additionally, the package features a forward Freddie Mac commitment arranged by JLL Real Estate Capital.
Homestead Gateway will dedicate one-third of its property to public open space, establishing a pedestrian “gateway” linking the community to Homestead Place Plaza and enhancing access to the Journal Square PATH Station. JLL noted that these improvements align with the Journal Square 2060 Plan, which focuses on improved walkability and transit-oriented growth.
The development also stands out as a major workforce initiative, utilizing 100% union labor under a Project Labor Agreement with the Hudson County Building Trades, JLL said.
In addition to its housing components, Homestead Gateway will offer nearly 3,000 square feet of ground-floor retail, along with amenities including a rooftop lounge, fitness center, bicycle storage, and shared workspaces. The tower’s location—three blocks from the Journal Square Transportation Center—will provide residents with easy access to New York Penn Station, the World Trade Center, and Newark Penn Station.
“It’s unusual to see a new project deliver such a combination of affordable housing, union jobs, and community-focused amenities,” said Aaron Shirian, a principal at Lions Group. “Jersey City continues to demonstrate national leadership by encouraging well-planned developments that offer real benefits to the wider community.”
Lions Group, a multigenerational firm, was founded in 1984 by brothers Albert and Ramin Shirian after their arrival in the U.S. as refugees from Iran. Today, the company is led by second-generation principals Aaron, Allen, Jake, and Eric Shirian.
The firm has completed more than $2 billion worth of real estate projects, totaling over 1.5 million square feet of residential development—from affordable and middle-income housing to luxury rentals and condos. The company has also delivered Class A office buildings, retail spaces, youth centers, parks, and religious facilities.
For the record
The JLL Capital Markets Advisory team representing Lions Group consisted of Nicco Lupo, Christopher Peck, Michael Shmuely, Jillian Grzywacz, Alex Staikos, Jimmy Cochran and Tom Didio Jr.
Source: Original reporting by Linda Moss, CoStar News.
