SCALE Lending, the debt financing arm of Slate Property Group, has finalized a $160 million construction loan to The Namdar Group for a new mixed-use development located 626 Newark Avenue in Jersey City. The loan was arranged by Drew Fletcher and Bryan Grover of Greystone Capital Advisors.
626 Newark Avenue will be 27 stories tall and feature 576 rental apartments when complete. Beyond residential units, the project also plans to offer 9,915 square feet of street-level retail space and 17,747 square feet of office space. Construction is expected to complete in 2026.
The building, designed by C3D Architects, will feature a glass curtain exterior framed by striking black features framing each window. AJD Construction has been appointed as the general contractor for the development, and will assist in bringing C3D’s design to life.
When complete, 626 Newark Avenue will be located steps from bus service for Routes 80, 82, 83, 84, 87, 88, and 119. Beyond that, it will be a short eight-minute walk to the Journal Square subway station, which services the PATH Train.
“SCALE’s winning recipe is simple – work with trusted sponsors in desirable locations on high-quality multifamily properties,” said Daniel Ridloff, managing director of SCALE. “With many traditional lenders parked on the sidelines, we’ve seized the opportunity to utilize our strong relationships to close deals.”
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Nice looking building
The new Brooklyn.
Sounds good, there are a lot of lenders out there, and the building is beautiful on striking black: Thanks.