Namdar Group’s latest projects in Jersey City include a 27-story, 576-unit apartment building at 626 Newark Ave. in the booming Journal Square neighborhood. — Courtesy: Namdar
By Joshua Burd
Namdar Group has snagged a $220 million bridge loan for a new 576-unit luxury apartment building in Jersey City, brokers with Walker & Dunlop announced Monday.
In a news release, the debt placement team said TYKO provided the financing in connection with the project at 626 Newark Ave. The 27-story, 400,175-square-foot project is among Namdar’s latest in the city’s burgeoning Journal Square neighborhood, W&D said, noting that the building also has 27,662 square feet of commercial space.
Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer of the brokerage firm’s New York capital markets team sourced the debt on the borrower’s behalf.
“626 Newark integrates luxury living with vibrant retail and commercial spaces that foster connection and convenience for all renters and neighbors alike,” said Effy Namdar, chief investment officer at Namdar Group. “This dynamic mix supports a true live-work-play environment, positioning the property as a cornerstone of the rapidly evolving Journal Square community. We are proud to bring this vision to life for Jersey City.”
W&D announced the deal while noting that 626 Newark Ave. was designed for Jersey City renters, including young professionals, students and middle-income earners seeking premium amenities and a Class A living experience at more accessible rates than New York City. The building is a two-minute walk from the Journal Square PATH station, offering a 10-minute ride to Manhattan, while residents are also minutes from major highways.
“We are glad to have helped structure a solution that aligns with Namdar Group’s goals for 626 Newark,” said Appel, a senior managing director of capital markets at Walker & Dunlop. “This transaction appropriately recapitalizes the indebtedness now that the project is built and provides reserves to support a successful lease-up, which is already exceeding underwritten expectations. It was rewarding to partner with TYKO and Namdar Group to bring this complex deal to life while advancing the property’s vision as a premier residential destination in Journal Square.”
