Namdar Group Grabs Additional Financing in Jersey City
The Namdar Group will not be deterred from building in Jersey City, or scoring the requisite financing to do so.
Joel Namdar’s company secured $180 million in debt from Affinius Capital for its project at 35 Cottage Street in the Journal Square neighborhood, the Commercial Observer reported. The project was previously the recipient of a $152 million loan.
The refinancing will support the 27-story, 564-unit luxury multifamily property going up a short walk from the local PATH station. Units at the building will range from studios to three-bedroom layouts, while commercial space is being earmarked for a Chabad synagogue, a preschool and a party hall.
A construction timeline was not disclosed following the most recent financing, though previous reports have pinned completion near the beginning of 2027.
A Walker & Dunlop team including Aaron Appel, Jonathan Schwartz and Adam Schwartz arranged the floating-rate, interest-only bridge loan.
The Namdar Group is one of the most busy builders in all of Jersey City, particularly the popular Journal Square neighborhood.
In August, Adi Chugh’s Tyko Capital provided $358 million in construction financing for Namdar’s projects at 29 Van Reipen Avenue and 612 Pavonia Avenue, enabling the firm to start work on the two developments, which will carry a combined 1,126 units between them.
Four months earlier, Hudson Bay Capital Management provided the company with $335 million to refinance a trio of multifamily buildings, all in the same Journal Square neighborhood.
Elsewhere in Journal Square, Stephen Palmese’s Integritas Capital and Jody Kriss’ Kriss Capital provided $220 million in debt to developers Kuldeep Kumar and Mohan Myneni last month for their project at 2966 John F. Kennedy Boulevard.
The project, which is located adjacent to the local PATH station, is planned to include 485 market-rate apartments, 57 affordable housing units, a 154-key Marriott hotel and 34,000 square feet of retail space.
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