JERSEY CITY | 626 - 632 Newark Ave | 293 FT | 27 FLOORS

Joel Namdar’s Namdar Group nabbed $243 million in financing for two rental buildings in Jersey City’s Journal Square as construction in the neighborhood takes off.

The Great Neck-based developer scored a $160 million construction loan for its 27-story tower at 626 Newark from SCALE Lending. The building will have 576 units, 9,915 square feet of street-level retail and 17,747 square feet of office space. It is expected to be completed in 2026.

SCALE will also provide a $83 million bridge loan for 26 Van Reipen, which will replace an existing $73 million loan. The new debt will be used to fund the lease-up of the 27-story, 235-unit building. The rental building was completed last year. The building’s retail and office portion are master leased to CMPND, an apartment and co-working community.

Drew Fletcher and Bryan Grover of Greystone Capital Advisors arranged the financing.

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Second floor going up on the north end, but they’re still working on the first floor on the south (Newark Ave) end.


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Next two floors going up

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Really rising now!

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Credit: Chris Fry/Jersey Digs

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Taken this afternoon

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