Namdar Group Lands $120M Loan for Jersey City Development
- Mar 19, 2021
Namdar Group has secured a major construction loan to build the 618 Pavonia Ave. multifamily project in Jersey City, N.J. The $120 million loan will finance the project’s ground-up construction in the city’s Journal Square district. Having completed nearby projects 87 Newkirk and 26 Cottage, Namdar Group benefits from extensive Jersey City experience. Greystone arranged the financing through SCALE Lending, a Slate Property Group affiliate.
“We spent a lot of time with the borrower to understand the post-COVID impacts on construction cost and rental rates and demand,” Martin Nussbaum, co-founder & principal of Slate Property Group, told Multi-Housing News.
“Through detailed market analysis and in-house expertise on the construction costs, we were able to get comfortable with the loan basis and the borrower’s business plan.”
Featuring 27 stories, 618 Pavonia Ave. will house 432 apartments. Some 40 percent of the residences, or about 175 units, will be efficiency apartments.
Within walking distance of the Journal Square PATH station, 618 Pavonia Ave. will enjoy a central location in the area. The community promises to be an important component of the lively and growing residential and business district of Journal Square, an enclave 2 miles from historic downtown Jersey City, and 10 miles from Manhattan.
The property will be two minutes from Hudson County Community College and Saint Peter’s University, and within eight minutes of two commuter rail stations. Two shopping centers are situated within one-minute drive of the community, and three parks or recreational areas will be accessible via a drive of no more than nine minutes.
Last week, Woodmont Properties began leasing at Woodmont Way, a new luxury community in West Windsor, N.J.