Newmark has arranged a $310 million construction loan for Namdar Group to build 555 Summit Ave., an 873-unit multifamily tower planned in Jersey City. The financing, provided by TYKO, supports the first phase of a larger two-tower project that will ultimately span 555 and 547 Summit Ave. and is expected to total 1,542 residential units when fully built out.
The Newmark debt and structured finance team representing the borrower was led by co-head of Global Debt & Structured Finance Jordan Roeschlaub. He was joined by vice chairman Nick Scribani, senior managing director Max Ralby and associate Dante DiStefano in arranging the construction loan.
The initial phase at 555 Summit is planned as a 47-story residential tower. The unit mix is expected to include studio apartments, junior one-bedroom layouts, as well as traditional one-bedroom and two-bedroom residences. In addition to the residential component, plans call for approximately 2,300 square feet of retail space within the property.
Amenities at 555 Summit are expected to include a fitness center, a rooftop lounge and terrace, a club room and dedicated coworking space for residents. These features are designed to complement the residential offering and support on-site lifestyle and work-from-home needs.
According to Newmark, the development is located near the Journal Square PATH station. This positioning offers direct transit connectivity to Lower Manhattan and access to the broader New York metropolitan area, enhancing the property’s regional connectivity for future residents.
The two-tower plan at 555 and 547 Summit Ave. is structured so that the 555 Summit tower serves as the initial phase, with the second tower to follow as part of the broader 1,542-unit multifamily development concept. The recently closed construction facility for 555 Summit represents a key capital milestone in advancing the first tower toward realization.
