Namdar Group has closed on a $160 million bridge loan for 9 Homestead Place, a 27-story residential tower at 618 Pavonia Avenue in Jersey City. Designed by C3D Architecture, the structure will yield 432 rental apartments, 10,000 square feet of ground-floor retail space, a 21,000-square-foot office component, and a collection of amenity spaces.
SCALE, the lending offshoot for Slate Property Group, provided the financing and Greystone Capital Advisors brokered the deal. While the building was completed this spring, the bridge loan will be used to fund lease-up and stabilization.
This latest development from Long Island-based developer Namdar Group is located within Homestead Place, a six-building master-planned community. Additional properties include 87 Newkirk Street, 626 Newark Avenue, 26 Cottage Street, 35 Cottage Street, 26 Van Reipen Street, and 29 Van Reipen Street.
The entire complex is expected to create around 4,500 new apartments.