Demand for rental apartments across the Hudson River remains high. The Namdar Group has secured US$310 million in construction financing for the development of a 47-storey multifamily building in Jersey City, N.J. Affinius Capital provided the loan for Namdar's 1,049-unit Park Tower project in Jersey City's Journal Square neighbourhood.
The large-scale development project received approval from the Jersey City Planning Board in June, following the securing of a US$32 million pre-development loan from Post Road Group a year earlier. This paved the way for the tower's construction, as previously reported by Jersey Digs.
Strategic alignment and amenities
David Greenburg, co-head of debt financing at Affinius, stated that the Park Tower will be among the leading multifamily projects in Journal Square and will benefit from the neighbourhood's continued development. He also emphasised that this project aligns with the company's strategy to finance exceptional multifamily properties with first-class sponsorship.
The loan was arranged by Walker & Dunlop, supported by a capital markets advisory team consisting of Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Edward Leboyer. The Park Tower project, located at 8-16 Lott Street, will offer a mix of floor plans ranging from studios to three-bedroom units.
- —Fitness centre
- —Yoga studio
- —Bowling alley
- —Games arcade
Communal facilities also include a music room, a golf simulator, and a rooftop lounge.
Extensive presence of the Namdar Group
The Long Island-based Namdar Group is an active developer in Jersey City. The company recently completed a 27-storey luxury residential tower with 564 units at 35 Cottage Street in Journal Square. Additionally, Namdar finalised a US$335 million debt financing package to refinance three newly constructed multifamily properties in Jersey City, comprising a total of 833 units at 9 Homestead Place, 26 Van Reipen Avenue, and 28 Cottage Street, as previously reported by Commercial Observer.
