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

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

• Property Type: Development Site & Mixed-use
• Transaction Amount: $243,000,000
• Lender: Martin Nussbaum - SCALE Lending
• Landlord: Joel Namdar - Namdar Group
• Brokers: Bryan Grover & Drew Fletcher - Greystone
• Loan Type: Construction Loan

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.