By Joshua Burd
Namdar Group is set to break ground on a combined 1,126 new apartments in Jersey City after reportedly securing $358 million in construction financing.
According to Commercial Observer, Tyko Capital provided the debt in connection with the two mixed-use projects at 29 Van Reipen Ave. and 612 Pavonia Ave. in the city’s booming Journal Square neighborhood. Newmark’s Jordan Roeschlaub, Nick Scribani and Max Ralby negotiated the deal on the developer’s behalf, the report said, highlighting Namdar’s fast-growing portfolio of luxury rentals in the blocks around the Jornal Square PATH station.
Commercial Observer noted that plans for 29 Van Reipen call for a 27-story, 696-unit tower with nearly 3,100 square feet of commercial space and 19,380 square feet of retail space, citing a report by New York YIMBY. The building at 612 Pavonia Ave. will also rise 27 stories, housing 432 units, some 4,500 square feet of retail and 3,295 square feet for a professional office spa.
The report said the financing, which closed last week, came together four months after Newmark arranged a $335 million loan from Hudson Bay Capital Management for Namdar to refinance three multifamily buildings in Journal Square. They include 9 Homestead Place, 26 Van Reipen Ave. and 28 Cottage St.
