Namdar Group Lands $390M Construction Loan in Jersey City
Namdar Group has scored $390 million in construction financing for Park Tower, a 47-story multifamily project in the Journal Square neighborhood of Jersey City, NJ. Walker & Dunlop Capital Markets Institutional Advisory arranged the financing package, which includes a floating-rate, interest-only senior construction loan from Affinius Capital provided and a floating-rate, interest-only mezzanine loan from BH3 Fund Advisors.
Located at 629 Newark Ave., Park Tower is slated for completion by May 2029. The Class A development will feature 1,049 residences, including 944 market-rate apartments and 105 affordable apartments. The half-million-square-foot property will also house 30 extended-stay hotel units and ground-floor retail just a five-minute walk from the Journal Square PATH station.
Namdar Group, a privately owned real estate investment and development firm based in Great Neck, NY, focuses on large-scale transit-oriented developments in the U.S. and the Caribbean. The company currently has over 10,000 residential units in the approval and development process, according to its website.
Namdar Group has collaborated with Walker & Dunlop on other projects in Journal Square. Walker & Dunlop arranged a $220 million refinancing for the developer’s 576-unit multifamily property 626 Newark Ave. in September 2025, followed by $180 million in financing for the 564-unit 35 Cottage St. in July of this year.
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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