Plans for 35 Cottage St. in Jersey City call for 588 luxury rentals, a Chabad Synagogue, a preschool and the first dedicated party hall in the city’s Journal Square neighborhood. — Rendering courtesy: JLL
By Joshua Burd
Namdar Group has snagged $152 million in construction financing for a project that will bring nearly 600 new apartments to Jersey City’s booming Journal Square neighborhood.
According to JLL, which sourced the debt, the package includes senior financing from Centennial Bank and mezzanine financing from a private lender. Proceeds will support the development of 35 Cottage St., a 27-story tower that will include 588 luxury rentals as well as a Chabad Synagogue, a preschool and the first dedicated party hall in Journal Square.
“Namdar was an early mover in the JSQ marketplace and has built an institutional-quality portfolio of highly efficient multi-housing units to meet the continued market demand,” said JLL Managing Director Thomas E. Didio Jr., who arranged the loans alongside Senior Analyst Michael Mataras. “JLL is excited to partner the CCFG and Namdar teams to bring to life the next building in their portfolio.”
JLL represented Namdar, noting that 35 Cottage St. will be less than five minutes by foot from the Journal Square PATH Station. It will also be within a 30-minute ride of New York Penn Station, The World Trade Center and Newark Penn Station.
It will rise in a market that has a low vacancy rate of 2.3 percent despite increasing rents and supply, JLL said.
“We are excited to have the opportunity to work again with the Centennial team on the development front in Jersey City,” Andrew Namdar of Namdar Group said.
