SCALE Lending, a division of Slate Property Group, has recently secured two cross-collateralized loans totaling $243 million for multifamily developments in Jersey City’s Journal Square. The financing was provided by Namdar Group and includes a $160 million construction loan for 626 Newark and an $83 million bridge loan for 26 Van Reipen.
According to Martin Nussbaum, co-founder and principal at Slate Property Group, the high demand for multifamily properties in Journal Square is what drew them back to the neighborhood. He also noted that Namdar Group has a strong track record as one of the most active developers in the area.
The loans were arranged by Drew Fletcher and Bryan Grover from Greystone Capital Advisors. These developments are expected to further contribute to the growth of Jersey City’s residential market.
