Jersey City Projects Score $96M Financing

Namdar Group’s communities will add more than 800 units in a thriving submarket.

26 Van Reipen. Image courtesy of Namdar Group

Namdar Group has secured $96 million for construction and land acquisition for two developments in Jersey City, N.J. Drew Fletcher, Matthew Hirsch and Bryan Grover of Greystone Capital Advisors arranged the financing provided by SCALE Lending.

A SCALE Lending spokesperson confirmed for Multi-Housing News that $73 million is earmarked for the construction of a 235-unit multifamily development at 26 Van Reipen Ave., and $23 million for the acquisition of 400,000 square feet of land at 626 Newark Ave., entitled for 576 units.

The developments will be within walking distance of each other, in Journal Square. The Journal Square station is within walking distance, as well as Hudson County Community College and Saint Peter’s University, all located within a mile of the projects. A good number of retail, dining and entertainment options are available in the neighborhood, within a 2-mile radius, and downtown Jersey City is some 2 miles southeast.

According to the same spokesperson, Namdar’s previous loan through SCALE Lending was the $120 million construction financing for the 432-unit 618 Pavonia, also in Journal Square.

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