The construction boom in Jersey City, New Jersey, continues unabated, this time in the prosperous Journal Square submarket. Namdar Group, one of the city's most prolific developers in recent years, has secured USD 180 million for the refinancing of the 35 Cottage Street project. This is a 27-storey luxury residential tower with 564 units in Journal Square.
Affinius Capital provided the financing in the form of a variable-rate, interest-only bridge loan. The transaction was arranged by Walker & Dunlop's Capital Markets team, comprising Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Sean Reimer, Jordan Casella, Cole Grims, and Edward Leboyer.
Attractive Location and Institutional Quality
Jonathan Schwartz of Walker & Dunlop described Journal Square in a statement as one of the 'most dynamic mixed-use neighbourhoods' in the greater New York area. He emphasised that the submarket continues to attract the attention of the investment community. Schwartz explained that 35 Cottage Street is exceptionally well-positioned to benefit from this dynamic due to its convenient location, differentiated product offering, and institutional-quality execution.
The new apartment high-rise, located at 35 Cottage Street – just a short walk from the Journal Square PATH station – is not yet ready for occupancy. It will feature units ranging from studios to three-bedroom flats. Originally, the three lower floors of the tower were intended for a Chabad synagogue, a preschool, and an event hall.
Extensive Development Activity by Namdar Group
The Namdar Group is responsible for a significant number of new developments in Jersey City. Last year, the company secured a debt package of USD 335 million for the refinancing of three newly constructed multi-family properties in Jersey City. These projects, totalling 833 units, are located at 9 Homestead Place, 26 Van Reipen Avenue, and 28 Cottage Street.
- —26 Van Reipen Avenue
- —28 Cottage Street
- —35 Cottage Street
- —9 Homestead Place
