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SCALE Issues $243M for Two NJ Resi Developments
SCALE Lending, a division of Slate Property Group, recently secured two cross-collateralized loans totaling $243 million with Namdar Group for multifamily developments in Jersey City’s Journal Square.
A $160 million construction loan was extended for Namdar’s 27-story tower at 626 Newark, encompassing 576 rental units, retail, and office space. A separate $83 million bridge loan was provided for 26 Van Reipen, aiding in refinancing construction debt and supporting lease-up for its 235-unit residential building, complemented by retail and office spaces.
“The market’s appetite for multifamily in Journal Square far exceeds available supply and is the single most important demand driver that continues to attract us back to the neighborhood,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “Namdar Group remains one of the most active developers with a tried-and-true track record in the neighborhood.”
The loans for 626 Newark and 26 Van Reipen were arranged by Drew Fletcher and Bryan Grover of Greystone Capital Advisors.
- ◦Financing
