Namdar Group Secures $358 Million Construction Loan From Tyko Capital For Development In Jersey City

The asset involved in this transaction comprises a development site located at 29 Van Reipen Avenue and 612 Pavonia Avenue in Jersey City. The site is designated for the construction of two 27-story mixed-use towers featuring a total of 1,126 residential units, along with over 15,000 square feet of retail and office space.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $358,000,000
• Lender: Adi Chugh - TYKO Capital
• Landlord: Igal Namdar - Namdar Group
• Brokers: Jordan Roeschlaub, Nick Scribani & Max Ralby - Newmark
• Loan Type: Construction

Namdar Group has secured construction financing amounting to $358 million from Tyko Capital specifically for this project. Newmark, comprising the team of brokers, was instrumental in arranging the financing for the development of these towers in Jersey City’s Journal Square.