BETHESDA, Md.--(BUSINESS WIRE)--Dec 26, 2024--
Walker & Dunlop, Inc. announced today that it has arranged a $245 million loan from TYKO Capital to facilitate the construction of The Greyson, a 28-story, 622-unit Class-A mixed-use tower that will be located in Jersey City, New Jersey.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241226945372/en/
The Walker & Dunlop New York Capital Markets team, led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella, and William Herring, acted as exclusive advisors to the client, Nasser Freres, and identified TYKO Capital, which is backed by Elliott Investment Management, as the lender. With the building already nearing top-off, the loan proceeds will fund the balance of costs to complete.
The property will rise on a 0.7-acre site in Journal Square, one of Jersey City’s most dynamic neighborhoods. The development will feature 389,720 rentable square feet of residential space, offering a diverse mix of studios, 1-bedroom, 1-bedroom + den, 2-bedroom, and 3-bedroom apartments. Additionally, the project includes 44,551 rentable square feet of office space and 2,965 rentable square feet of retail along the newly extended Homestead Avenue.
“ The Greyson will redefine luxury living in Jersey City, appealing to renters seeking exceptional amenities and prime connectivity as a high-value alternative to Manhattan,” said Michael Sokoloff, a partner at Nasser Freres. “We are thrilled to partner with Walker & Dunlop and TYKO Capital on a project that will not only enhance the skyline but also contribute to the vitality of the Journal Square community.”
The Greyson will boast an array of cutting-edge amenities, including a rooftop pool with Manhattan skyline views, state-of-the-art fitness center, immersive virtual reality and sports rooms, and thoughtfully designed communal spaces. Its strategic location offers residents seamless access to the Journal Square Transportation Center, ensuring connectivity across New Jersey and to downtown and midtown Manhattan. The property will also enhance the neighborhood with a new public pathway linking Newark Avenue and Pavonia Avenue, creating a vibrant and accessible urban experience.
Jersey City continues to attract significant institutional and public investment, including the opening of the Centre Pompidou and the reopening of the historic Loew’s Jersey Theater. These cultural advancements, coupled with the city’s competitive rental market and burgeoning economy, have cemented its status as a top destination for young, high-income renters.
"Jersey City has undergone a remarkable transformation over the past decade, becoming a magnet for residents seeking competitively priced, spacious rental options compared to NYC," said Keith Kurland, senior managing director and co-head of New York Capital Markers at Walker Dunlop. "We are proud to work alongside Nasser Freres to bring The Greyson to life and further elevate the neighborhood."
In 2023, Walker & Dunlop’s New York Capital Markets group sourced capital for transactions totaling nearly $12 billion from non-Agency capital providers. This vast experience has made them a top adviser on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
The Greyson (Photo: Business Wire)
NEW YORK (AP) — Years before Las Vegas Raiders defensive end Malcolm Koonce was born, his father spent time in prison for an armed robbery conviction that prosecutors now say was tainted by a detective’s lies and “highly suggestive” photo identification techniques.
Jeffrey Koonce, now 67, will ask a suburban New York judge on Friday to vacate his conviction for a 1981 robbery at Vernon Stars Rod and Gun Club in Mount Vernon, where three people were struck by shotgun pellets as patrons were looted of cash and jewelry.
Koonce, who spent nearly eight years in prison, has always maintained his innocence. Westchester County District Attorney Mimi Rocah is backing his request after her office uncovered trouble with the case.
Rocah’s Conviction Review Unit investigated the 1983 conviction and found evidence that Mount Vernon police pressured the lone victim-witness to implicate Koonce, made Koonce’s picture larger than others in a photo array and failed to interview alibi witnesses who corroborated his claim that he was elsewhere.
A Mount Vernon detective later lied about the composition of the photo arrays when he testified at pretrial hearings and Koonce’s trial, and a court subsequently ordered the department to change its unduly suggestive photo identification practices, Rocah said. One of the detectives involved in Koonce’s case later went to prison following a federal corruption sting.
In a statement, Rocah said Koonce’s conviction “was tainted by such questionable investigatory processes and procedures” that her office can no longer stand by it.
Koonce and his lawyer, Karen Newirth, are set to appear Friday before Westchester County Judge James McCarty to request that he vacate Koonce’s robbery and weapons possession convictions and dismiss the underlying indictment.
Koonce absconded from court during jury deliberations and was found about seven months later, sleeping on his girlfriend’s couch in the Bronx, according to newspaper reports from the time.
He was sentenced to 7½ to 15 years in prison for the robbery and served a shorter, simultaneous sentence for bail jumping. He was released on parole in August 1992. His brother, Paul, a high school sophomore at the time, also was charged in the robbery. He was acquitted.
Malcolm Koonce was born in 1998. The NFL's Raiders drafted him in 2021. Another son, Dejuan Koonce, is a retired New York State Trooper who was assigned to protective details for Gov. Kathy Hochul and former Gov. Andrew Cuomo.
Police accused Jeffrey and Paul Koonce of being among the three men who held up the Vernon Stars club on June 20, 1981. Patrons were forced to lie face down on the floor and made to hand over about $500 in cash, jewelry and other valuables, police said.
One of the perpetrators had a sawed-off shotgun and fired off at least two rounds, striking a 15-year-old and two other patrons, police said.
Rocah’s office found that detectives used dubious tactics to compel a victim to identify Koonce as the shooter. He was the only person to do so. Others told investigators that it was too dark in the club to identify the perpetrators by their faces.
The witness, a high school freshman at the time, picked Koonce out of a photo array that featured Koonce’s enlarged photo and smaller images of men who didn’t look like him.
The witness later told Rocah’s office that he didn’t remember seeing any faces in the dark club and that other patrons immediately covered him after the shooting, obscuring his view.
Detectives then brought Koonce to the hospital where the witness was being treated so he could identify him in person. The witness told a pretrial hearing that he felt pressured to quickly identify Koonce. The trial judge called the tactic “impermissibly suggestive.”
Rocah’s office also found Mount Vernon detectives harmed Koonce by failing to interview all his alibi witnesses. They include a now-retired New York City police detective who said Koonce was with him in the city the night of the robbery.
FILE - Las Vegas Raiders defensive end Malcolm Koonce (51) runs off the field at halftime of an NFL preseason football game against the Minnesota Vikings, Aug. 10, 2024, in Minneapolis. (AP Photo/Charlie Neibergall, File)
