Walker & Dunlop Arranges $220M Bridge Loan on Jersey City Multifamily
Walker & Dunlop, Inc. arranged a $220-million bridge loan to refinance 626 Newark Ave., a 576-unit, Class A mixed-use multifamily property located within Jersey City’s Journal Square neighborhood. The New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer, advised Namdar Group. TYKO provided the capital.
“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.”
626 Newark is a two-minute walk from the Journal Square PATH station, offering 10-minute access to Manhattan. The area’s central location, access to major highways and transit and more affordable rents continue to draw residents from Manhattan and Brooklyn.
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Other News
Synergy Hosts Official Opening for Massachusetts’ Largest Office-to-Resi Conversion
Synergy held the official opening of Altitude Worcester, the largest office-to-residential conversion in Massachusetts, with a ribbon cutting ceremony with Juana Matias, the Secretary of the Massachusetts Executive Office of Housing and Livable Communities , and the City of Worcester. The event also marked the completion of 22 Elm St., the adjacent affordable homeownership community Synergy...
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MBTA Issues RFQ for Redevelopment of Lynn Commuter Parking Garage
The Massachusetts Bay Transportation Authority (MBTA) has issued a request for qualifications from would-be redevelopers of its downtown Lynn, MA commuter parking garage. It’s the first of a two-step process, to be followed by a request for proposals. The five-story garage opened in 1992 and has been partially closed since 2022 over safety concerns, ItemLive...
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Kidder Mathews Arranges Sale of 45-Unit Multifamily in Walla Walla
Suncrest Apartments, a 45-unit multifamily community located at 1800 Evergreen Street in Walla Walla, Washington, has sold for $4.3 million. Kidder Mathews Vice President Max Frame of the Simon | Anderson Multifamily Team in Seattle represented the seller, Art Griff, in the transaction. The buyer was Jason Zook. Situated on 1.72 acres, Suncrest Apartments consists...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout