Namdar Refinances New Jersey Development
- Jul 07, 2020
Namdar Group has received a $42.7 million bridge loan from Lightstone Capital to refinance MRK, a 15-story, 132-unit mixed-use building in Jersey City, N.J. The loan will refinance existing senior and mezzanine construction loans for the recently completed project.
Located in the Journal Square neighborhood at 97 Newkirk St., the luxury multifamily community includes 23,000 square feet of commercial space that is fully leased to a boutique coworking operator with a 15-year tenancy. Billed as a “live-work-play” community, the building’s amenities include secured package and bike storage, a gym, yoga room and rooftop terrace and lounge. Units range from studios to three-bedroom layouts. Apartment amenities include keyless entry systems, floor-to-ceiling windows up to 11 feet, built-in closets, in-unit washers and dryers, stainless steel appliances, Caesarstone countertops, Kohler bath fixtures and engineered wood flooring.
Hot NJ Market
In recent years, Namdar Group, a family-owned firm that has developed numerous properties throughout New York City and the Caribbean, has also shifted its attention to Jersey City, where it is currently developing several mixed-use towers.
Eugene Rozovsky, senior vice president of real estate debt strategies at Lightstone Capital, said in prepared remarks Namdar Group’s plans for Jersey City aligns with the market’s growth trajectory. Long a retail and transit hub, the Journal Square neighborhood has in recent years begun to see increased multifamily and mixed-use development.
One of the biggest residential projects is the three-tower Journal Squared development. In December, KRE Group topped out phase II at the development, a 754-foot-tall tower at 537 Summit St. with 704 residential units and 18,000 square feet of retail space. When completed, Journal Squared will total 1,840 apartments.
Closing the Deal
Greystone Capital Advisors, the capital advisory division of Greystone, represented Namdar Group in arranging the financing for MRK. The Greystone team was led by Drew Fletcher, Matthew Hirsch and Bryan Grover, who worked closely with Lightstone to close the loan in less than 30 days. Fletcher credited the Lightstone Capital team led by Rozovsky with delivering an efficient closing process.
He noted in a prepared statement that the new bridge loan will give Namdar Group the additional flexibility and runway to complete lease-up and put the property on solid long-term footing. Lightstone launched Lightstone Capital in January 2019 to provide flexible capital for transactions at a faster rate than traditional lenders.