SCALE Lending grants $ 120 million construction loan for Jersey City apartment complex – Commercial Observer
Namdar Group has secured a $ 120 million construction loan to finance a multi-family project in Jersey City, NJ, Commercial Observer has learned.
LENDING SCALE, the financing arm of Slate Property Groat the top, provided that the debt in a transaction negotiated by Matthieu hirsch and Bryan grover of Gray stone Capital advisers.
Newmark‘s Dustin Stolly, Jordan roeschlaub and Nick scribani arranged $ 90 million in A-note financing for the transaction with an anonymous lender, sources said.
The deal helps Namdar Group from the ground up to build a 27-story development in the Journal Square neighborhood of Jersey City. The property, at 618 Pavonia Avenue, will consist of 432 units in total, 40% of which are designated as efficient apartments, where everything is combined in one room.
“In addition to our ability to close quickly, SCALE continues to set itself apart from the competition as one of the most active lenders in the market, with a focus on building from scratch in the New Metro area. York ” Martin nussbaum, co-founder and director of Slate Property Group, said in a statement. “We are delighted to be working with a high caliber developer like Namdar Group, whom we have every confidence in to execute their business plan. “
Based in New York LADDER, which was founded in late 2018, has remained an active lender during the COVID-19 pandemic, with more than $ 2 billion in loans now spread over 4.2 million square feet in ongoing development projects, according to reports. company officials.
“We are very excited to complete another transaction with Namdar in Jersey City as they continue to develop one of the most ambitious and transformative pipelines in the market.” Drew fletcher, chairman of Greystone Capital Advisors, said in a statement.
Great Neck, based in New York Namdar Group has been active in the Jersey City market, realizing two nearby multi-family developments at 87 Newkirk Street and 26, rue des chalets. The Long Island developer is in the midst of an aggressive acquisition program targeting transit-focused development sites throughout the New York metro area.
“We are delighted to be working with SCALE Lending as we move our project forward at 618 Pavonia Avenue”, Namdar Group CIO Effy namdar said in a statement. “We are proud to bring this important housing development to Journal Square which will help generate economic development and growth in the surrounding neighborhood.
Greystone officials could not immediately be reached for comment.