MRK at 97 Newkirk St. in Jersey City — Courtesy: C3D Architecture
By Joshua Burd
The developer of a 132-unit apartment building in Jersey City has refinanced for nearly $43 million, following a transaction arranged by Lightstone Capital.
The builder, Namdar Group, recently completed the 15-story project at 97 Newkirk St. in the city’s Journal Square section. Lightstone is providing the $42.7 million bridge loan to refinance existing senior and mezzanine construction debt.
“We are excited to be working with the Namdar Group, a visionary developer with huge plans for Jersey City,” said Eugene Rozovsky, senior vice president of real estate debt strategies at Lightstone Capital. “Additionally, we see a lot of growth potential bolstering strong fundamentals in Journal Square and believe this project, which offers competitively priced modern and efficient units along with many high-end amenities, perfectly aligns with the market’s growth trajectory.”
Known as MRK, the Namdar property has amenities such as a gym, yoga room and rooftop terrace and lounge, along with roughly 23,000 square feet of commercial space, according to a news release. Residential leasing recently began, while the commercial space is fully leased to a boutique co-working operator with a 15-year tenancy.
Greystone Capital Advisors’ Drew Fletcher, Matthew Hirsch and Bryan Grover represented Namdar in arranging the financing, the news release said. The team worked closely with Lightstone to close the loan in less than 30 days.
“Speed and certainty of execution were critical for this transaction,” Fletcher said. “Eugene and the Lightstone Capital team delivered a smooth, efficient closing process that allowed our client to refinance from term sheet to closing. The new Lightstone bridge loan will give Namdar the additional flexibility and runway required to complete their lease-up and put the property on solid footing for the long-term.”
