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626 Newark Avenue & 26 Van Reipen Avenue
FINANCED

Namdar Group Secures $243M Financing For Jersey City Journal Square Rental Buildings

626 Newark Avenue & 26 Van Reipen Avenue

Development Site
clock iconFinanced 158 days ago
Bryan Grover
Drew Fletcher
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Summary

Loan
NEW JERSEY
Development Site

The Namdar Group, led by Joel Namdar, has secured $243 million in financing from SCALE Lending for two rental buildings in Jersey City's Journal Square. The funding includes a $160 million construction loan for a 27-story tower located at 626 Newark Avenue, which will feature 576 units. Additionally, a bridge loan worth $83 million has been provided for the completed 26 Van Reipen Avenue, contributing to the ongoing development surge in the neighborhood.

Summary of transaction details

This deal showcases the collaboration between the Namdar Group and SCALE Lending. Martin Nussbaum acted as the lender for the transaction through SCALE Lending, providing the necessary financing for the development's construction and bridging processes. Bryan Grover and Drew Fletcher of Greystone acted as the brokers in this deal, facilitating the transaction on behalf of the parties involved.

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Bryan Grover
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Commercial Real Estate Finance

Details

Deal Summary
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FINANCED
IMAGE: Martin Nussbaum, Drew Fletcher & Bryan Grover DATE: 01/09/2024 ADDRESS: 626 Newark Avenue & 26 Van Reipen Avenue MARKET: Jersey City ASSET TYPE: Development Site & Mixed-use LENDER: Martin Nussbaum (@Martin.Nuss) - SCALE Lending LANDLORD: Joel Namdar (@JoelNamdar) - Namdar Group (@NamdarLLC) BROKERS: Bryan Grover (@Bryan.Grover) & Drew Fletcher - Greystone (@Greystonecref) LOAN AMOUNT: $243,000,000 LOAN TYPE: Construction Loan NOTE: Namdar Group, led by Joel Namdar, secured $243 million in financing from SCALE Lending for two Jersey City Journal Square rental buildings. The funds include a $160 million construction loan for a 27-story tower at 626 Newark with 576 units, and an $83 million bridge loan for the completed 26 Van Reipen, adding to the neighborhood's development surge.

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Address626 Newark Avenue & 26 Van Reipen Avenue

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