New York & Tri-State + New Jersey + Finance | January 26, 2022

Greystone arranged a $47-million bridge loan for lease-up of 28 Cottage, a new apartment community in Jersey City

Greystone Arranges Bridge Loan on Jersey City Multifamily

Greystone arranged a $47-million lease-up bridge loan on behalf of Namdar Group for 28 Cottage, a new 166-unit class-A multifamily property in the Journal Square neighborhood of Jersey City. The new loan was originated by Cerberus RE and used to refinance the original construction loan provided by Centennial in 2019.

The Greystone Capital Advisors team led by Drew Fletcher, Matthew Hirsch and Bryan Grover served as the exclusive advisor on behalf of Namdar.

“The 28 Cottage transaction is another great example of the tremendously favorable capital markets environment for high quality multifamily assets in strong markets such as Jersey City,’ said Fletcher, president of Greystone Capital Advisors.

He continued, “The Cerberus execution closed at TCO and allowed Namdar to repatriate substantial equity and lower its borrowing costs, while providing additional time to lease-up and season the asset prior to conversion to permanent financing.”

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Greystone's Fletcher

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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