**Walker & Dunlop Arranges $220M Bridge Loan for Jersey City Mixed-Use Property**
Walker & Dunlop, Inc. has successfully arranged a $220 million bridge loan to refinance 626 Newark Avenue, a newly built 576-unit, Class A mixed-use multifamily property in Jersey City’s Journal Square neighborhood.
The financing was advised by the firm’s New York Capital Markets team, which includes industry leaders Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Edward Leboyer. The capital for the transaction was provided by TYKO.
“We are glad to have helped structure a solution that aligns with Namdar Group’s goals for 626 Newark,” said Appel. “This transaction appropriately recapitalizes the indebtedness now that the project is built and provides reserves to support a successful lease-up, which is already exceeding underwritten expectations.”
Located just a two-minute walk from the Journal Square PATH station, the property offers exceptional connectivity with only a 10-minute commute to Manhattan. With its central access to major highways and transit options, along with more affordable rental rates, the Journal Square area continues to attract residents from Manhattan and Brooklyn.
