Developer Seals $152M Financing for Jersey City Project
The city continues to attract high-end development, with nearly half of all households making more than $100,000 annually.
Namdar Group has secured financing for 35 Cottage Street, a 588-unit luxury apartment building under construction in Jersey City, N.J.’s Journal Square neighborhood. JLL Capital arranged the $152 million package.
The community will include a Chabad synagogue, a preschool and what the developer is describing as the Journal Square neighborhood’s first dedicated party hall.
“They’re bringing the first Jewish congregation to the Journal Square marketplace,” Tom Didio Jr., managing director at JLL Capital Markets, told Multi-Housing News. “This was specifically important to the sponsor and their relationship with the rabbi and congregation.”
The financing package includes senior debt from Centennial Bank and mezzanine funding from a private lender. Didio and Senior Analyst Michael Mataras led the JLL Capital Markets Debt Advisory team.
Construction commenced at the project site in June 2024. The property is a five-minute walk from the Journal Square PATH Station, offering train service to Newark, Hoboken and New York City. The community is expected online in the first quarter of 2027.
Jersey City has a vacancy rate of 2.3 percent, despite rising rents and an increase in supply. Nearly half of the city’s households earn over $100,000 annually. A significant portion of the population is comprised of young professionals between the ages of 25 and 44.
Bustling Jersey City market
Toll Brothers City Living and Sculptor Real Estate recently completed work on the 259-unit 151 Bay Street condo tower in Jersey City, N.J. The 34-story building is in the city’s Powerhouse Arts District, a former warehouse district on the Hudson River. The property offers studios and one-, two- and three-bedroom units ranging in size from 538 square feet to 1,446 square feet. The properties are listed at $560,000 to $1.829 million. Demand for the units has been strong, according to Toll Brothers City Living President David von Spreckelsen, who stated that over 75 percent of the units have been sold.
Hines acquired a Jersey City apartment building from J.P. Morgan Asset Management for $221.5 million in July, marking New Jersey’s largest single multifamily transaction in nearly half a decade. The Lenox and Quinn Apartments comprises two adjacent Class A multifamily assets totaling 408 apartment homes.
