Joel Namdar’s Namdar Group nabbed $243 million in financing for two rental buildings in Jersey City’s Journal Square as construction in the neighborhood takes off.
The Great Neck-based developer scored a $160 million construction loan for its 27-story tower at 626 Newark Avenue from Scale Lending. The building will have 576 units, 9,915 square feet of street-level retail and 17,747 square feet of office space. It is expected to be completed in 2026.
Scale will also provide a $83 million bridge loan for 26 Van Reipen, which will replace an existing $73 million loan. The new debt will be used to fund the lease-up of the 27-story, 235-unit building. The rental building was completed last year. The building’s retail and office portion are master leased to CMPND, an apartment and co-working community.
Drew Fletcher and Bryan Grover of Greystone Capital Advisors arranged the financing.
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Scale, the lending arm of Slate Property Group, is an active lender to Namdar Group in Journal Square. Last summer, Scale provided a $160 million loan for Namdar’s rental project at 618 Pavonia Avenue.
Namdar is building a massive 640-unit development in Downtown Miami. The developer also secured a loan for that project from Scale.
Jersey City’s Journal Square has become one of the hottest areas for new development in the tri-state. Its proximity to the PATH train and to Manhattan has led developers like Kushner Companies, Silverstein Properties and BH3 to build high-rise rental buildings in the neighborhood.