Two multi-family residential projects are set to rise in Jersey City with $96 million in a combined construction and land loan provided by SCALE Lending.
The financing, which was arranged by Drew Fletcher, Matthew Hirsch and Bryan Grover of Greystone Capital Advisors, includes both the ground-up construction of a 235-unit development at 26 Van Reipen Ave. and the acquisition of 400,000 square feet of fully-entitled land at 626 Newark Ave., allowing for 576 future units. Namdar Group is the developer of the 235-unit development and AJD Construction will be the general contractor.
SCALE Lending, a Slate Property Group affiliate, has completed more than $1 billion in loans over the last 18 months. In September, the firm closed a $71 million loan to bring nearly 300 residential units to Little Ferry in Bergen County.
“To be able to work again with the Namdar Group, who is an institutional developer with a proven track record in the marketplace, is a great opportunity for SCALE. We believe in working with top tier sponsors on a repeated basis as they grow their portfolios,” said Martin Nussbaum, co-founder and principal of Slate Property. “In such a competitive and exciting market, SCALE used its relationships with the borrower and broker to creatively think outside of the box to execute a complex deal structure. This transaction is yet another example of SCALE’s continued expansion throughout the New York Metropolitan area.”
SCALE Lending is Slate’s lending affiliate that directly provides first mortgage financing secured by commercial real estate assets with a focus on senior transitional loans secured by commercial mortgages in the New York Metropolitan area.
“This deal is our second venture with SCALE, who has become one of our most trusted lenders, and we look forward to building on this relationship in the future as we undertake innovative developments that continue to strengthen Jersey City and the Greater New York market,” said Andrew Namdar, chief financial officer at Namdar Group.
Located in the Journal Square neighborhood of Jersey City, the development is near an active business district, Lincoln Park, the PATH train and the Hudson River across from the southern end of Manhattan.