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New York & Tri-State  + New Jersey  + Finance  | 

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.

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Inside The Story

SCALEGreystone's Fletcher

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).

  • ◦Financing
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