Lorimer Capital Lends $63M on Jersey City’s Arts & Powerhouse Building
By Emily Davis June 2, 2026 1:21 pm
reprints
A historic industrial warehouse turned commercial hub in Jersey City, N.J., has landed a $63 million loan to stabilize the property and whip up new leases.
Lorimer Capital provided the bridge loan for the 118,660-square-foot Arts & Powerhouse Building at 130 Bay Street, also known as the A&P Building. The recently repositioned asset belongs to KABR Group and Kushner Companies.
“This transaction highlights our conviction in well-located, experiential mixed-use assets that benefit from strong sponsorship and increasing tenant demand,” Evan Bell, a co-founder and managing partner at Lorimer Capital, said in a statement. “The A&P Building is uniquely positioned as a destination asset within Jersey City’s Powerhouse Arts District, and we are excited to partner with KABR Group and Kushner Companies as they complete the lease-up and stabilization of this transformative project.”
Kushner and KABR will use the loan to fund tenant improvements, leasing costs and operating needs until the century-old property reaches stabilization and permanent financing can be secured. A Greystone Capital Advisors team led by Drew Fletcher, Bryan Grover and Jesse Kopecky arranged the financing on behalf of the borrowers.
Built in 1913 as the Great Atlantic and Pacific Tea Company Warehouse, the A&P Building fell into disrepair over the decades, and eventually earned a historic designation. In 2020, KABR and Kushner undertook a $30 million repositioning effort to transform the derelict warehouse into a commercial and retail asset.
The property, at the corner of Bay and Warren streets, is now roughly 65 percent leased, according to Lorimer Capital. Its ground-floor retail is stabilized and space is being actively marketed across its several upper floors. The owners have already secured a 50,200-square-foot, 25-year lease with anchor tenant Chelsea Piers Fitness. The lease represented the fitness facility’s first location in the Garden State.
Other current and future tenants at the property include restaurant chain New Han Dynasty, health care provider One Medical, fitness studio Rumble Boxing, Spear Physical Therapy, cafe Daily Provisions and indoor golf course Hudson Golf.
Emily Davis can be reached at edavis@commercialobserver.com.
