First Phase of Jersey City Multifamily Secures $310M Financing

Newmark has arranged a $310-million construction loan on behalf of Namdar Group for 555 Summit Ave., an 873-unit multifamily development in Jersey City. The property represents the first phase of a planned two-tower development totaling 1,542 units across 555 and 547 Summit Ave. The financing was provided by TYKO.

Co-head of Global Debt & Structured Finance Jordan Roeschlaub, vice chairman Nick Scribani, senior managing Director Max Ralby and associate Dante DiStefano arranged the financing on behalf of the borrower.

555 Summit will comprise a 47-story tower with studio, junior one-bedroom, one-bedroom and two-bedroom residences, and approximately 2,300 square feet of retail space. Amenities will include a fitness center, rooftop lounge and terrace, club room and coworking space.

Situated near the Journal Square PATH station, the development offers direct connectivity to Lower Manhattan and the broader New York metropolitan area, according to Newmark.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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