618 Pavonia Ave. in Jersey City — Courtesy: Namdar Group
By Joshua Burd
Namdar Group has landed a $160 million bridge loan for its newly completed, 432-unit apartment tower in Jersey City’s burgeoning Journal Square section.
The lender, Slate Property Group, said the developer will use the debt to retire $120 million in construction financing and fund the lease-up and stabilization of the 27-story building at 618 Pavonia Ave. The transaction follows Namdar’s recent delivery of the project, which has a mix of floorplans ranging from studios to three bedrooms and amenities such as a bowling alley, a rooftop lounge and terrace, a game room, a yoga room and a fitness center.
Slate Property Group closed the deal through its lending arm, SCALE, noting that it has now completed five transactions with Namdar Group. Drew Fletcher and Bryan Grover of Greystone Capital Advisors arranged the loan.
“In an environment that is making it extremely difficult to finance all types of development projects, our strong relationships and experience in the market are allowing us to get a large volume of deals across the finish line,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “We’ve had great success working with Namdar Group, a repeat borrower of SCALE with an extensive track record in Journal Square.”
Located within Homestead Place, a growing commercial corridor in the heart of Journal Square, the property also has 10,000 square feet of retail space and 21,000 square feet of office space, which are master leased to CMPND, an apartment and co-working community, according to a news release. It also sits directly across the street from the Journal Square transit hub, allowing residents to access PATH and NJ Transit bus service station.
“We are thrilled to have closed another transaction with our longstanding client, Namdar Group, and our trusted financing partners at SCALE,” said Fletcher, president of Greystone Capital Advisors. “This transaction demonstrates that there is still strong liquidity and risk appetite for financing high quality multifamily projects, despite the significant headwinds in the capital markets.”
