![Namdar Group's Joel Namdar with 618 Pavonia Avenue](https://static.therealdeal.com/wp-content/uploads/2023/07/Namdar-Nabs-160M-Bridge-Loan-in-Jersey-City-f-150x106.jpg)
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Namdar Group scores $243M in financing for Jersey City rentals
Journal Square one of tri-state’s hottest areas for development
![Namdar Group Lands Financing For Jersey City Rentals](https://static.therealdeal.com/wp-content/uploads/2024/01/main_NY_Namdar-Slate-1400x875.jpg)
From left: Scale Lending’s Martin Nussbaum and Namdar Group’s Joel Namdar along with 626 Newark Avenue and 26 Van Reipen Avenue in Jersey City (Getty, C3D Architecture, LinkedIn/Joel Namdar)
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 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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![Namdar Group's Joel Namdar with 618 Pavonia Avenue](https://static.therealdeal.com/wp-content/uploads/2023/07/Namdar-Nabs-160M-Bridge-Loan-in-Jersey-City-f-150x106.jpg)
![](https://static.therealdeal.com/wp-content/uploads/2021/11/TRISTATE-Scale-Lending-issues-96M-loan-for-Jersey-City-multifamily-projects-FEATUREIMG-250x179.jpg)
![Jersey City mayor Steven Fulop, Kushner Companies' Nicole Kushner Meyer and render of One Journal Square (Getty Images, Kushner Companies)](https://static.therealdeal.com/wp-content/uploads/2022/06/NY-Charlie-we-did-it-Kushner-Companies-kicks-off-construction-on-long-delayed-Jersey-City-towers-FEATUREIMG-250x179.jpg)
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.
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.