SCALE Lending, the debt financing arm of Slate Property Group, has provided an $83 million bridge loan to The Namdar Group for the newly completed 26 Van Reipen Avenue in Journal Square, Jersey City. This loan is part of a larger funding package totaling $283 million, which also supported another development, 626 Newark Avenue, within the same neighborhood.
Handel Architects has unveiled renderings for The Cottage, a 28-story mixed-use tower at 29 Cottage Street in Journal Square, Jersey City. The structure is planned to yield 669 residential units as well as 44,551 square feet of office space and 3,823 square feet of retail space.
New Jersey developer Milton Fantin has revealed new interior renderings for Overlook Flats, a new mixed-use property in Jersey City. Located at 32 Oakland Avenue, the building is designed by Michels & Waldron Associates and comprises more than 58,000 square feet of office space, 297 rental units, tenant amenity spaces, and an 181-vehicle fully automated parking garage.
Construction has commenced at 499 Summit Avenue, the site of a 53-story residential skyscraper in the Journal Square section of Jersey City. Led by Panepinto Properties and AJD Construction and designed by HLW International, the tower will contain 605 rental apartments, 3,200 square feet of retail space on the lower floors, and a parking garage. While the full amenity package has not been announced, renderings of the building reveal a roof deck above the podium level with a large communal terrace, outdoor lounge space, and planters. The development will also create a new public plaza.
Construction is moving quickly at 626 Summit Avenue, the site of a new 29-story mixed-use tower in Jersey City. Designed by MVMK Architects for an anonymous development company, the building will contain 209 rental units, two retail suites, and office space.