Slate Property Group Provides $160M Bridge Loan For Jersey City Multifamily Property

Slate Property Group's lending arm, SCALE, has provided Namdar Group with a $160 million bridge loan for a residential building in Jersey City's Journal Square. The property is a 27-story, 432-unit multifamily building located at 618 Pavonia Avenue. The loan will be used to retire construction financing and support the lease-up and stabilization of the property.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $160,000,000
• Address: 618 Pavonia Avenue
• Market: Jersey City
• Lender: Slate Property Group (Martin Nussbaum)
• Landlord: Namdar Group
• Brokers: Drew Fletcher & Bryan Grover (Greystone Capital Advisors)

The bridge loan provided by Slate Property Group's SCALE will facilitate the successful lease-up and stabilization of the 27-story residential building in Jersey City's Journal Square. Martin Nussbaum, the representative of Slate Property Group in this transaction, played a significant role in securing the loan. Drew Fletcher and Bryan Grover, representing Greystone Capital Advisors, worked as the brokers in the deal, ensuring a smooth negotiation process between Slate Property Group and Namdar Group.