Slate Property Group’s lending arm, SCALE, has provided Namdar Group with a $160-million bridge loan for 618 Pavonia Ave. in Jersey City’s Journal Square neighborhood. Greystone Capital Advisors’ Drew Fletcher and Bryan Grover arranged the loan to retire $120 million in construction financing and fund the lease-up and stabilization of the 27-story, 432-unit rental apartment building known as 9 Homestead Place.
This marks SCALE’s fifth deal with Namdar Group – one of the largest landowners and developers in Journal Square – which is expected to be completed by spring 2023 after experiencing impressive lease up success thus far.
“In an environment that makes it difficult to finance development projects,” said Martin Nussbaum co-founder & principal at Slate Property Group,” our strong relationships & experience are allowing us to get deals across the finish line.”
