Historic Warehouse Blooms Anew: $63 Million Fuels Future for Jersey City‘s Arts & Powerhouse Building
Jersey City’s waterfront just got a big boost. A $63 million bridge loan is now backing the Arts & Powerhouse Building at 130 Bay Street.
Lorimer Capital led the charge on this deal. They aimed to secure the future of this historic spot, keeping operations steady and pushing it closer to permanent financing.
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This old Great Atlantic and Pacific Tea Company warehouse, built back in the early 1900s, is getting ready to jump back into Jersey City’s commercial scene. It’s a striking piece of industrial architecture, and it feels like it’s finally getting its due.
A Legacy Reimagined: From Tea to Turbine Power
The Arts & Powerhouse Building stretches out over 118,660 square feet. It first opened its doors in 1913.
Now, it’s officially recognized as a historic landmark. In 2020, a $30 million repositioning project kicked off, and since then, the place has changed a lot.
Instead of warehouses and turbines, it’s becoming something new. The building is shifting toward a lively, mixed-use future.
Fueling Future Growth: The Role of the Bridge Loan
Greystone Capital Advisors, with Drew Fletcher, Bryan Grover, and Jesse Kopecky at the helm, arranged the $63 million bridge loan. Their goal? Cover all the must-have costs while things stabilize.
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This cash goes toward tenant improvements, leasing expenses, and whatever the building needs to keep humming along. KABR Group and Kushner Companies, who own the place, now have the breathing room to get things fully stabilized and chase down that permanent financing.
A Powerhouse of Tenancy: Anchors and Aspirations
The repositioning is paying off. The Arts & Powerhouse Building is about 65 percent leased right now.
Ground-floor retail is already stable, offering solid commercial spots. Upstairs, they’re still looking for more tenants and actively marketing those spaces.
One big win stands out: Chelsea Piers Fitness just signed on for a huge 50,200-square-foot, 25-year anchor lease. It’s their first New Jersey location, and honestly, that’s a pretty big deal.
With Chelsea Piers Fitness locked in, the building’s appeal is only growing. It’s not just fitness, though—the place is drawing a real mix of tenants:
- New Han Dynasty, for those craving authentic Chinese food.
- One Medical, bringing a modern spin to healthcare.
- Rumble Boxing, for folks who want a workout that packs a punch.
- Spear Physical Therapy, focused on getting people back on their feet.
- Daily Provisions, perfect for coffee and a treat.
- Hudson Golf, shaking up the golf scene with a fresh approach.
It feels like the building’s turning into a real destination—somewhere you can eat, work out, get healthy, or just hang out. There’s a lot of potential here, and it’s exciting to see where it goes next.
Investor Confidence and Jersey City’s Magnetic Pull
Evan Bell, co-founder and managing partner at Lorimer Capital, says his firm believes strongly in the power of experiential mixed-use assets. He’s especially keen on those in thriving urban areas, and he points to the building’s prime spot in Jersey City’s Powerhouse Arts District as a perfect example.
This neighborhood’s seen a serious turnaround lately and is drawing a lot of attention from investors. Bell thinks this loan deal really shows how much interest there is in sponsor-backed, adaptive-reuse projects that have the potential to boost leasing activity.
If you’re thinking about visiting or even moving, getting to Jersey City is honestly pretty simple. The public transportation is solid, and you’re close to all the big hubs.
It helps to get a feel for the different city districts—each one’s got its own vibe and offerings. When it comes to finding a place to stay, there’s no shortage of Jersey City hotels for every budget and taste, so you’re covered whether you want something fancy or just a place to crash.
The Arts & Powerhouse Building keeps rising, and that’s not just about reviving an old structure. It’s another sign that Jersey City’s really coming into its own, opening new doors for businesses and residents.
And honestly, the variety of things to do in Jersey City just keeps growing. Whether you’re into waterfront walks or checking out the arts scene, projects like this only make the city more appealing as a place to visit or call home.
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Here is the source article for this story: Lorimer Capital Lends $63M on Jersey City’s Arts & Powerhouse Building
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