Truist Bank Supplies $150M Permanent Loan for Jersey City Apartments
By Andrew Coen January 6, 2026 12:22 pm
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A joint venture between Ursa Development Group and developer Fields Grade has secured a $150 million permanent loan from Truist Bank for a newly built multifamily asset in Jersey City, N.J., Commercial Observer has learned.
Truist provided the financing for the sponsorship’s 336-unit the Devan property on the Jersey City-Hoboken border. Real Estate NJ reported the loan Monday but did not disclose the lender.
BlueGate Partners’ Mark DeLillo arranged the transaction.
“This financing milestone underscores both the strong market fundamentals of Jersey City and the high quality of the Devan,” DeLillo said in a statement.
Ursa and Fields Grade landed a $97 million construction loan for the Devan in May 2022 from Pacific Western Bank, CO first reported at the time. The property was completed in 2024.
Located at 3 New York Avenue, the Devan has apartments ranging from studios to three-bedroom units. Community amenities include a rooftop lounge, fitness center, pool, library, media room, coworking lounges and shuttle service to New Jersey Transit’s Hoboken station.
“This permanent financing reflects Truist’s confidence in the quality of The Devan and the experience of the sponsorship,” Rebecca M. Cox, senior vice president and market manager for national rel estate at Truist, said in a statement.
Officials at Ursa Development Group and Fields Grade did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
