Hakimian Capital Provides $21 Million Acquisition Loan For Development At 597 Marin Boulevard

A development site located at 597 Marin Boulevard in Jersey City, NJ, has an approved plan for a 17-story mixed-use redevelopment. The site, previously a gas station, is set to include 344 residential units, a 371-key hotel, and a 15% affordable housing component. The property encompasses a building square footage of 377,991.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $21,000,000
• Address: 597 Marin Boulevard
• Market: Jersey City, NJ
• Lender: Michael Hakimian, Sammy Hakimian & Daniel Nadri - Hakimian Capital
• Borrower: Effy Namdar
• Loan Type: Acquisition

Hakimian Capital, represented by Michael Hakimian, Sammy Hakimian, and Daniel Nadri, facilitated the acquisition financing for this redevelopment project. The financing is aimed at transforming the existing site into a vibrant mixed-use development, further enhancing the urban landscape in Jersey City.