Greystone Arranges $120 Million Construction Loan for Namdar Group’s 432-Unit Multifamily Development in Jersey City, NJ
Greystone has arranged a $120 million construction facility for Namdar Group. The construction loan was provided by SCALE Lending LLC, to finance a to-be-built 26-story, approximately 323,000 square foot mixed-use residential development comprised of 432 market rate rental apartment units and approximately 30,000 square feet of commercial space is located at 618 Pavonia Avenue in the Journal Square neighborhood of Jersey City, NJ. Greystone’s Drew Fletcher, Matthew Hirsch, and Bryan Grover served as the exclusive advisors in arranging the financing for the development.
In June 2020, the Board of Commissioners of the Jersey City Redevelopment Agency designated Namdar as the redeveloper of multiple tracts along the upcoming Homestead Place extension in the Journal Square neighborhood of Jersey City. Namdar is one of Jersey City’s premier developers with a deep understanding of the local market dynamics that are driving continued growth in demand for high-quality multifamily housing. 618 Pavonia is located adjacent to the Journal Square PATH station which provides direct access into Manhattan and connectivity for tenants into major employment centers. The Project also sits adjacent to the planned Homestead Place extension, which will be a pedestrian-only outdoor plaza programmed with an exciting mix of retail and public open areas. 618 Pavonia is also located less than one mile from Namdar’s recently completed Class A residential development, MRK located on Newkirk Street.
618 Pavonia is designed to appeal to young professional renters by providing a comprehensive amenity package including a ground floor café, office space, 24-hour attended lobby, rooftop terrace and pool, state-of-the-art fitness center and smart room technology.
“We are very happy to close another transaction with Namdar in Jersey City as they continue to develop one of the most ambitious and transformative pipelines in the market. 618 Pavonia will be an exciting addition to the Journal Square neighborhood,” said Mr. Fletcher.