Namdar Nabs $358M Loan for Two Jersey City Projects

9 minutes read

The Namdar Group landed a significant financing package for a pair of projects expected to deliver more than 1,100 units to Jersey City’s Journal Square neighborhood.

Adi Chugh’s Tyko Capital provided $358 million in construction financing for Namdar’s projects at 29 Van Reipen Avenue and 612 Pavonia Avenue, the Commercial Observer reported. The debt should enable Namdar to start work on the two developments, which will carry a combined 1,126 units between them.

The Van Reipen Avenue project will stand 27 stories tall, according to New York YIMBY, and include 696 units with 19,000 square feet of retail space and another 3,100 square feet of commercial space.

At 612 Pavonia, meanwhile, 432 units will be spread across another 27-story building, as well as 4,500 square feet of retail space and 3,300 square feet for a “professional office spa.”

A Newmark team of Jordan Roeschlaub, Nick Scribani and Max Ralby arranged the financing. None of the firms involved in the transaction responded to the outlet’s requests for comment.

Namdar is one of Jersey City’s most active developers. Just four months ago, Hudson Bay Capital Management provided the company with $335 million to refinance a trio of multifamily buildings, all in the same Journal Square neighborhood.

Kushner Companies is also investing heavily in the neighborhood. Last month, Blackstone Real Estate Debt Strategies provided a $515 million loan for Kushner’s One Journal Square, which also opened recently to residents. The development spans 2 million square feet across two 52-story towers, containing 1,723 units; the refinancing only covers the first phase of the development.

In the spring, Tyko provided a $392 million construction loan for David Martin and Jackie Soffer’s long-planned convention center hotel in Miami Beach. The developers are planning to build a 17-story, 800-room hotel next to the Miami Beach Convention Center.— Holden Walter-Warner