A planned 34-story, 360-unit apartment tower in Jersey City’s booming Journal Square
section took a huge step this weekend it was announced that Lions Group has secured
$200 million in financing and capital commitments.
According to JLL’s capital markets group, which advised on the transactions, Goldman
Sachs Alternatives provided the solution in connection with the mixed-income
Homestead Gateway project at 701 Newark Ave. That includes a construction loan, a
bridge facility, Low-Income Housing Tax Credit equity and a purchase of tax credits
under New Jersey’s Aspire program, as well as a forward Freddie Mac commitment
arranged by JLL Real Estate Capital LLC.
The structured capitalization paves the way for Lions Group to transform a former
municipal parking lot into a building that will include 90 units for low- and moderate-
income renters — Journal Square’s first new affordable housing in years — alongside
270 market-rate rentals.
Aaron Shirian, principal at Lions Group, obviously was thrilled – about the financing and
the project.
“It is extremely rare to see a new development bring so much to the table in terms of
affordable housing, union jobs and community benefits,” he said. “The city of Jersey
City has proven itself to be a national leader in strategic housing development, not only
by attracting investment in the multitude of projects we have seen over the last decade,
but also by ensuring that those investments go toward thoughtfully planned projects that
will provide benefits to the entire community.
Shirian thanks those who helped secure the financing.
“We are also very thankful to the state of New Jersey, particularly the New Jersey
Housing (and) Mortgage Finance Agency and the New Jersey Economic Development
Authority, who put in many years of hard work to make this project a reality,” he said.
“We are honored to be a part of it, and we hope to see many more projects like this in
the future.”
Homestead Gateway addresses critical housing needs while advancing broader
community goals through innovative design and strategic partnerships. The
development will allocate one-third of its site to publicly accessible open space, creating
a pedestrian “Gateway” that connects residents and visitors directly to Homestead Place Plaza and improves access to the Journal Square PATH Station. This infrastructure investment directly supports the Journal Square 2060 Plan’s vision for enhanced walkability and transit-oriented development.
The project represents a significant workforce development initiative, utilizing 100%
union labor under a Project Labor Agreement with Hudson County Building Trades and
committing to permanent union operations through an agreement with 32BJ SEIU. A
ground-breaking ceremony is set for early December 2025.
Beyond housing, Homestead Gateway will contribute to neighborhood economic vitality
through nearly 3,000 square feet of ground-floor retail space and premium amenities
including a rooftop lounge, fitness center, bicycle storage and shared workspaces. The
development’s location three blocks from the Journal Square Transportation Center
provides residents with convenient access to New York City’s Penn Station (33
minutes), World Trade Center (20 minutes) and Newark Penn Station (20 minutes).
A team led by Steven Mlenak of Greenbaum Rowe Smith & Davis LLP represented
Lions Group, which is based in Great Neck, New York, in securing the nearly $90 million
Aspire tax credit award from the EDA this summer.
The JLL Capital Markets Advisory team representing Lions Group included Nicco Lupo,
Christopher Peck, Michael Shmuely, Jillian Grzywacz, Alex Staikos, Jimmy Cochran
and Tom Didio Jr.
“Homestead Gateway embodies what thoughtful public-private collaboration can
achieve, creating housing that serves multiple income levels, infrastructure that
reconnects a neighborhood and investment that supports long-term community and
economic vitality,” Lupo said. “Lions Group’s vision, the state’s leadership and
Goldman’s highly tailored capital stack combined to deliver a solution that is both
financially sophisticated and socially meaningful.”
