Namdar Group Finds Financing for Another Jersey City Project
The Namdar Group and Affinius Capital are up to their usual ways in Jersey City, playing the role of borrower and lender, respectively.
Namdar landed $310 million in construction financing for its Park Tower project in the Journal Square neighborhood, the Commercial Observer reported. The loan follows approval from the Jersey City Planning Board for the project, as well as an earlier $32 million pre-development loan provided by Post Road Group.
A Walker & Dunlop team including Aaron Appel, Keith Kurland and Jonathan Schwartz arranged the debt.
“This project aligns with our strategy of financing exceptional multifamily assets with top-tier sponsorship,” Affinius’ David Greenburg said in a statement.
The project at 8-16 Lott Street will include 1,049 units spread across the 47-story tower. Units will range from studios to three-bedroom layouts and the property’s amenities will include a fitness center, yoga studio, bowling alley, arcade, music room, golf simulator and rooftop lounge.
Affinius is quite familiar with all that Joel Namdar’s firm has going on in Jersey City.
In July, Affinius provided $180 million in debt for Namdar’s project at 35 Cottage Street. The debt supports a 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 of the Cottage Street project near the beginning of 2027.
Last 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 prior, Hudson Bay Capital Management provided the company with $335 million to refinance a trio of multifamily buildings, all in the same Journal Square neighborhood.
Meanwhile, Spitzer Enterprises and partner Arden Group recently landed $109.5 million in debt from Northwestern Mutual for their multifamily property at 425 Summit Avenue. The debt retires the construction loan for the 390-unit development in the Journal Square neighborhood, which is 98 percent leased.
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Affinius ramping up lending prominence in Garden State
Namdar Group grabs additional financing in Jersey City
