Updated Sep 25, 2026
Namdar Group Secures $310 Million Construction Loan For 555 Summit Avenue Development In Jersey City
555 Summit Avenue
$310,000,000
Units
1,542
Asset Type
Development Site
Closing
Sep 25, 2026
About this deal
AI
The asset involved in the transaction is a development site located at 555 Summit Avenue, Jersey City, NJ. The site is part of a multifamily development that will comprise 873 units, with plans for a two-tower project totaling 1,542 units. The loan arrangement is for construction purposes, totaling $310,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $310,000,000
- Lender: TYKO Capital
- Landlord: Joel Namdar - Namdar Group
- Brokers: Jordan Roeschlaub, Nick Scribani, Max Ralby & Dante Distefano - Newmark
- Loan Type: Construction
Newmark's Jordan Roeschlaub, Nick Scribani, Max Ralby, and Dante DiStefano were instrumental in arranging the financing for the borrower, facilitating the construction loan essential for the development's first phase.
On the Map
$310,000,000
Development Site
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Players
Jersey City Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93