A new project by Namdar Group would bring 1,151 apartments, 5,000 square feet of retail space and 26,000 square feet of office space to a 47-story tower on Lott Street in Jersey City. — Rendering courtesy: HKS Real Estate Advisors
By Joshua Burd
Namdar Group is eyeing another apartment tower in Jersey City’s Journal Square section with the help of a newly obtained $32 million loan arranged by HKS Real Estate Advisors.
The funds, which were provided by Post Road Group, will refinance existing debt and fund Namdar’s acquisitions of 12-16 Lott St. and 38 Cottage St. for future multifamily developments, according to a news release. The former is part of an assemblage for what will be known as Park Tower, a planned 47-story building with 1,151 apartments, 5,000 square feet of retail space and 26,000 square feet of office space.
Ayush Kapahi of HKS Real Estate Advisors secured the financing on behalf of Namdar Group, one of Journal Square’s most active developers. The firm recently delivered a 235-unit building at 26 Van Reipen Ave. and 432 units at 618 Pavonia Ave., while it’s now under construction for a 576-unit tower at 626 Newark Ave.
Namdar also recently obtained $152 million in construction financing for a project that will bring another 588 luxury rentals to 35 Cottage St., part of a project that will include a Chabad Synagogue, a preschool and the first dedicated party hall in Journal Square.
JLL: Namdar eyes 588-unit Journal Square tower with $152 million financing deal
