JERSEY CITY, N.J.--(BUSINESS WIRE)--In partnership with Rockwood Capital, Citizens Bank and Fifth Third Bank, National Association and G&S Investors, The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, has broken ground on a 401-unit multifamily apartment development in the Port Liberté neighborhood of Jersey City.
Located at 190 Chapel Ave., the community is just south of downtown Jersey City, and adjacent to Liberty National Golf Course. The development will provide a new highly amenitized living opportunity with proximity to ample green spaces, bike pathways and the renowned Liberty State Park. Residents can take advantage of short commute times with convenient access to the city's extensive multi-modal transportation network and connectivity to downtown Manhattan, including a short ferry trip to Wall Street.
“Jersey City continues to invest in its infrastructure and foster the conditions for growth,” said Jonathan Gertman, Senior Vice President of Development at The NRP Group. “Port Liberté as an established community is a vibrant and desirable destination for residents. I’m thrilled to bring new multifamily development to the area alongside our excellent partners who are committed to continued investment in Jersey City.”
Joint venture equity investment for the project was provided by Rockwood Capital, marking NRP’s first-ever partnership with the seasoned investment firm. G&S Investors, an experienced owner and developer in Jersey City, is co-developing the project with NRP. Citizens Bank and Fifth Third Bank provided senior construction loans.
“At present, building housing in America is challenging,” said J. David Heller, Principal, President and Chief Executive Officer at The NRP Group. “Participating in strategic partnerships that bring deep expertise and experience is the driving force behind penciling deals and seeing them across the finish line. NRP is committed to working with financial partners and communities that are as invested in providing vital housing as we are.”
The community, which is scheduled to open in the summer of 2025 will be NRP’s second development in Jersey City, one of the nation’s fastest-growing cities.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing with a mission to create exceptional rental housing communities for individuals and families, regardless of income. Since its founding in 1994, NRP has developed more than 50,000 apartment homes, and currently manages over 25,000 residential units.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, mixed-income, and senior housing.
The NRP Group is consistently ranked in the Top 10 largest developers and builders in the U.S. by the National Multifamily Housing Council and by Affordable Housing Finance. The NRP Group is a winner of the National Association of Home Builders Multifamily Pillars of the Industry award for “Builder of the Year,” and a four-time recipient of the same award for “Development Firm of the Year.” The NRP Group has become the top multifamily developer in the U.S. that creates both affordable and market rate housing at national scale. Based on its nearly 30-years of experience and expertise, NRP now provides construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
About Rockwood Capital
Rockwood Capital is a real estate investment management firm founded in 1995 that provides debt and equity capital combined with real estate operating expertise for the repositioning, development, redevelopment and recapitalization of residential, office, retail and hotel space in key markets throughout the United States.
Rockwood is a more than 85-person organization with offices in New York, NY, San Francisco, CA, and Los Angeles, CA. Since inception, Rockwood and its principals have invested in approximately $40.0 billion of real estate and real estate-related assets (gross asset value). As of Q4 2022, Rockwood manages a portfolio of approximately $14.1 billion (gross asset value). Rockwood’s international investor base includes sovereign wealth funds, public and private pension funds, endowments, foundations, insurance companies, funds of funds, high net worth individuals and family offices. For more information, visit www.rockwoodcap.com.
About G&S Investors
Founded in 1982, G&S Investors develops, leases and manages real estate in the New York tri-state area. G&S is known in the industry for its creativity in solving development problems; particularly in sites which have physical, economic and community challenges.
G&S initial focus was entitling big box retail projects, working with national tenants such as ShopRite, Costco, BJ’s Wholesale Club, Target, TJ Maxx, Stop & Shop, and Home Depot. Starting in 2014, G&S embarked in a new trajectory for the company of building high-rise mixed-use properties. G&S has completed mixed-use residential projects in Westchester County and Jersey City. The largest opportunity in the companies portfolio is Hudson Exchange, which has entitlements for over six million square feet.
G&S Investors is also an affiliate of G&S Solar, a vertically integrated solar company founded in 2009. To date, G&S Solar has engineered, designed, and constructed over 150 projects, deploying over a half billion in capital. As a turnkey provider of solar solutions, G&S constructs solar arrays primarily for commercial, industrial, and government owners.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $222.3 billion in assets as of March 31, 2023. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and more than 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association, is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products offered by Fifth Third Bank, National Association. Member FDIC.