SJP Properties, Claremont Seal $135M Loan, PCCP Equity for NJ Luxury Resi Tower

The Lucy, a new luxury rental property being developed by SJP Properties along with Claremont Development and Battery Global Advisors in Jersey City, N.J., is officially set to rise, with construction financing now locked in and a new equity partner in the mix, Commercial Observer can first report.  

Investment company Kennedy Wilson is providing a $135 million construction loan for the 444-unit building at 619 Grove Street, while funds managed by PCCP provided an undisclosed amount of joint venture equity in the deal. A Cushman & Wakefield capital markets team led by John Alascio arranged both the debt and the JV equity. 

“We are proud to preserve the historic character of this site while creating a modern community that reflects Jersey City’s dynamic growth,” Steven Pozycki, founder and CEO of SJP Properties, said in a statement. “The result will be a one-of-a-kind living experience with unmatched amenities and design.”

The Lucy is rising 23 stories and will include 431 market-rate apartments, 13 affordable units and 251 parking spaces. Amenities are to include a rooftop pool, a sundeck with grills, landscaped outdoor terraces, a penthouse bar, coworking rooms, a fitness center and a game room. 

Michael Graves Architecture is behind the building’s design.

The development has been in the works for several years as it incorporates a reimagining of St. Lucy’s Church, its design both preserving and restoring the historic Catholic church and rectory. In 2023, a 165-bed, 60,000-square-foot transitional housing facility — with on-site social services overseen by Catholic Charities of the Archdiocese of Newark — opened across the street from the Lucy as the first step in the site’s redevelopment.

St. Lucy’s Church was built in 1864. A 23-story residential tower will now be added to the existing structure and, by blending elements of the old and new, will seek to maintain much of the character of the original structure. The glass facade of the Lucy will also highlight the church’s bell tower. 

“This project continues our work to bring much-needed housing to Jersey City while honoring the neighborhood’s history,”said Richard Sciaretta, managing partner of Claremont Development. “We’re excited to deliver a landmark development that blends heritage and modern living. We are proud to have completed the facility for Catholic Charities and are pleased to be partnering with SJP and PCCP on the final phase of the development.” 

Kennedy Wilson was not immediately available for comment. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com.