Namdar Group Secures $390M for Jersey City Development
The project includes 1,049 residences, as well as a commercial component.
The Park Tower development will feature multifamily apartments, hotel units and retail space across 47 floors.
Rendering courtesy of Namdar Group
Namdar Group has received $390 million in construction financing for the development of Park Tower, a Class A, mixed-use project in Jersey City, N.J.
Affinius Capital provided a $310 million senior loan and BH3 Fund Advisors contributed with an $80 million mezzanine loan. Walker & Dunlop arranged the floating-rate, interest-only notes on behalf of the developer.
Walker & Dunlop ranks among the largest multifamily construction lenders in the U.S., having secured more than $32 billion in multifamily financing over the course of last year, marking a significant rise from 2024’s figure of $22.4 billion. The majority of the deals closed represented market-rate transactions.
Journal Square gains another high-rise project
Upon completion, the 501,000-square-foot Park Tower will feature 944 market-rate apartments and 105 affordable units. The commercial component will encompass 30 extended-stay hotel units and ground-floor retail space. The market-rate units will be divided into 743 studios, 179 one-bedroom and 22 two-bedroom apartments, while the affordable ones will comprise 21 studios, 60 two-bedroom and 24 three-bedroom residences.
Shared amenities at the 47-story development will include a fitness center, yoga studio, bowling alley, arcade, music room, golf simulator, game room and a rooftop lounge. The ownership expects to deliver the high-rise by May 31, 2029.
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The future community will be taking shape in Jersey City’s Journal Square, near Journal Square PATH Station, which connects the area to Lower Manhattan, some 4 miles east. Major thoroughfares in the area include interstate 78, U.S. Route 9 and New Jersey State Route 139.
The Walker & Dunlop team included Senior Managing Directors Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, together with Managing Director Jordan Casella, Director Christopher de Raet and Analyst Edward Leboyer.
Jersey City’s pipeline remains robust
In the first half of 2026, new multifamily construction in Northern New Jersey clocked in at 6,355 multifamily units, only 8.8 percent below the figure recorded during the same timeframe in 2025, namely 6,971, but double the volume from 2024. During the same period, construction starts rose 85.0 percent to 4,489 units, bringing the active pipeline to a total of 24,504 units.
Recent noteworthy multifamily projects in Northern New Jersey include Myneni Properties’ Imperial Tower, a 56-story development in Journal Square. Similar to nearby Park Tower, the project will feature multifamily apartments, retail and hotel space. Earlier this summer, Myneni Properties landed a $220 million loan for its development, which is expected to come online in 2028. Similarly, Nasser Freres received $375 million in construction financing for JFK Boulevard, an 840-unit project in Journal Square.
In July, Walker & Dunlop secured a $180 million loan for the construction of 35 Cottage, a 27-story, 564-unit luxury high-rise that is developed in Jersey City’s same central square. Last week, Urby and Rockpoint’s 201 Hudson project also obtained $277 million. The development will stand as the second phase within a larger waterfront residential community.
