The Namdar Group has secured $120 million in construction financing for the second phase of its three-tower, 777-unit mixed-use development in Jersey City’s Journal Square.
SCALE Lending, a Slate Property Group affiliate, funded the loan for 618 Pavonia Avenue to finance the ground-up construction of the 27-story multi-family development that will include 432 total units, 40 percent of which will be efficiency apartments. The financing was arranged by Greystone.
“We’re thrilled to
work with a high-caliber developer like Namdar Group, who we have complete
confidence in to execute on their business plan,” said Martin Nussbaum, co-founder
and principal of Slate Property Group.
Designed by C3D Architecture, 618 Pavonia Avenue will join the 20-story 26 Cottage Street, where construction is nearing completion, and the 27-story 26-28 Van Reipen Avenue, all high rises that will be connected by Homestead Plaza, a pedestrian plaza within walking distance of the PATH station.
“We’re excited to work with SCALE Lending as we move our
project at 618 Pavonia Avenue forward,” said Effy Namdar, COO Namdar Group.
“We’re proud to bring this important housing development to Journal Square that
will help generate economic development and growth for the surrounding
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