Lorimer Capital, a commercial real estate lending platform, announced the closing of a $63 million loan secured by the Arts & Powerhouse Building, a 118,660-square-foot, mixed-use retail and commercial asset located at 130 Bay St. in Jersey City, New Jersey. The financing will support the continued lease-up and stabilization of the property, a repositioned historic asset in the rapidly evolving Powerhouse Arts District located along the Hudson River waterfront.
The property is anchored by Chelsea Piers Fitness, which has signed a 50,200-square-foot, 25-year lease to deliver a premier sports and recreation facility, its first in New Jersey. Additional tenants include New Han Dynasty, One Medical, Rumble Boxing, Spear Physical Therapy, Daily Provisions and Hudson Golf, creating a dynamic mix of experiential retail, wellness and lifestyle offerings.
The project is owned and operated by KABR Group and Kushner Companies, long-time partners within Jersey City. The Greystone Capital Advisors team, led by Drew Fletcher, Bryan Grover and Jesse Kopecky served as exclusive advisors and arranged the financing on behalf of the sponsors.
“This transaction highlights our conviction in well-located, experiential mixed-use assets that benefit from strong sponsorship and increasing tenant demand,” said Evan Bell, co-founder and managing partner at Lorimer Capital. “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.”
Originally constructed in 1913 as an A&P warehouse, the six-story property has undergone a comprehensive $30 million repositioning into a modern mixed-use commercial destination. The building is currently approximately 65% leased, with the ground-level retail fully stabilized. Premium space is being actively marketed on the second, third and sixth floors, each with its own private elevator landing and bathrooms.
“Our best-in-class tenant roster is a testament to what we have to offer at the A&P Building” said Michael Goldstein, chief operating officer at the KABR Group.
“The A&P Building is a natural extension of our long-standing commitment to Jersey City. We’ve been investing in this market for years, and our confidence here only continues to grow. This is exactly the kind of transformative, community-defining asset we look for,” said Nick Maki, head of investment management at Kushner Companies.
“The successful execution of this financing reflects continued lender appetite for high-quality mixed-use assets in fundamentally strong urban markets,” said Drew Fletcher. “KABR Group and Kushner Companies have created a truly unique adaptive reuse project that stands apart in the Jersey City market. We were pleased to advise on a financing structure that provides the flexibility needed to complete lease-up while positioning the property for long-term stabilization and permanent financing.”
