Journal Square is set to gain more than 1,000 new apartments after Great Neck-based Namdar Group secured $390 million in construction financing for its Park Tower development at 629 Newark Ave. in Jersey City, as Multi-Housing News reported Wednesday.
The package comprises a $310 million senior loan from Affinius Capital and an $80 million mezzanine loan from BH3 Fund Advisors. Walker & Dunlop arranged both floating-rate, interest-only notes on behalf of the developer.
The 47-story, roughly 501,000-square-foot building is expected to be delivered by May 31, 2029. It will sit a five-minute walk from the Journal Square PATH station, which connects the neighborhood to Lower Manhattan.
What Park Tower Will Include
The Class A building will contain 1,049 residential units. That’s a significant count. Of those, 944 will be rented at market rate and 105 will be set aside as affordable housing…