Namdar nabs $160M bridge loan in Jersey City

Slate Property Group lending arm, SCALE, again financed 432-unit project

Namdar Group's Joel Namdar with 618 Pavonia Avenue
Namdar Group's Joel Namdar with 618 Pavonia Avenue (LinkedIn, Namdar Group, Getty)

Namdar Group and Slate Property Group inked another financing deal for a recently completed mixed-use project in Jersey City.

Scale, the lending arm of Slate Property Group, provided a $160 million bridge loan to Namdar at 618 Pavonia Avenue in Jersey City, the Commercial Observer reported. The financing replaces $120 million in construction and lease-up financing, which predated the building’s spring opening.

The two firms have worked together in development financing deals in New Jersey before, including this very same project; Scale provided the $120 million financing package in March 2021.

The same year, the lender provided $96 million for two multifamily developments in New Jersey. That package was split between $73 million for a 235-unit project on Van Reipen Avenue and $23 million to replace a land acquisition loan for a 576-unit project on Newark Avenue.

As for the latest bridge loan, Greystone Capital Advisors’ Drew Fletcher and Bryan Grover arranged the financing.

The Journal Square development, known as 9 Homestead Place, is 27 stories tall and includes 432 units. There’s also 21,000 square feet of office space — master leased to apartment and coworking community CMPND — and 10,000 square feet of retail space. Monthly rent on the apartments ranges anywhere from $2,300 to $5,125, according to Apartments.com.

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Long Island-based Namdar has six projects in the works in Jersey City. It also has a development in Miami and several across the Caribbean.

Journal Square’s proximity to the PATH train and a short ride to Manhattan has helped make it a hive of development activity. At the end of last year, Jersey City’s planning board approved a vertical expansion plan at 80 Journal Square that would allow BH3 Management and Hope Street Capital to redevelop the property into a 28-story, 400-unit building.

Other developers hanging around Journal Square include a joint venture between the Kushner Real Estate Group and Silverstein Properties, as well as the unaffiliated Kushner Companies.

Holden Walter-Warner

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