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New-Construction Jersey City Apartments Score $160M Financing
Slate Property Group’s lending arm, SCALE, has provided Namdar Group with a $160-million bridge loan for 618 Pavonia Ave. in Jersey City’s Journal Square neighborhood. Drew Fletcher and Bryan Grover of Greystone Capital Advisors arranged the loan.
The bridge loan will be used to retire $120 million in construction financing and fund the lease-up and stabilization of the 27-story, 432-unit rental apartment building, known as 9 Homestead Place.
This is the fifth deal that SCALE has closed with Namdar Group, one of the largest landowners and developers in Journal Square. Completed in spring 2023, 618 Pavonia Ave. has had impressive lease-up success.
“In an environment that is making it extremely difficult to finance all types of development projects, our strong relationships and experience in the market are allowing us to get a large volume of deals across the finish line,” said Martin Nussbaum, co-founder and principal at Slate Property Group.
- ◦Financing

