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626 Newark Avenue

Updated Mar 11, 2025

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

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

626 Newark Avenue & 26 Van Reipen Avenue

$243,000,000

Units

576

Asset Type

Development Site

Closing

Jan 9, 2024

About this deal

AI

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.

On the Map

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$243,000,000

Development Site

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Players

Bryan Grover

Greystone

Broker

$6.5B

vol

41 deals

Broker
Greystone
GreystoneBrokerage
SCALE Lending
SCALE LendingLender

Joel Namdar

Namdar Group

Landlord

$1B

vol

3 deals

Landlord

Jersey City Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.07%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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