Namdar Group, a family-owned developer based in New York City, has closed on a $96 million financing package to complete a new high-rise residential building in Jersey City. The property is located at 26 Van Reipen Avenue and will eventually support a 27-story building with 235 rental apartments and ground-floor retail.
The financing package was provided by SCALE Lending and arranged by Drew Fletcher, Matthew Hirsch and Bryan Grover of Greystone Capital Advisors. Those funds will support construction costs for 26 Van Reipen Avenue and the acquisition of 400,000 square feet of fully entitled land at 626 Newark Avenue. Both properties are located within Homestead Place, Namdar Group’s seven-building master development that will eventually comprise over 2.1 million square feet.
“To be able to work again with the Namdar Group, an institutional developer with a proven track record in the marketplace, is a great opportunity for SCALE,” said Martin Nussbaum, co-founder and principal of Slate Property. “We believe in working with top tier sponsors on a repeated basis as they grow their portfolios.”
This loan marks the latest closing for SCALE Lending, a Slate Property Group affiliate, with more than $1 billion lent over the last 18 months. At that rate, SCALE is easily among the most active lenders in the New York Metropolitan market for construction financing.