The Jersey City building boom continues unabated, this time in the growing Journal Square submarket.
Namdar Group — one of the city’s most prolific developers in recent years — has secured $180 million to refinance 35 Cottage Street, a 27-story, 564-unit luxury apartment tower in Journal Square, Commercial Observer can first report.
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Affinius Capital provided the debt, structured as a floating-rate, interest-only bridge loan, while the Walker & Dunlop capital markets team of Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Sean Reimer, Jordan Casella, Cole Grims and Edward Leboyer arranged the transaction.
Schwartz, in a statement, called Journal Square one of the New York area’s “most dynamic mixed-use neighborhoods,” and said the submarket has continued to attract attention from the investment community.
“35 Cottage Street is exceptionally well positioned to capitalize on that momentum through its transit-oriented location, differentiated product offering, and institutional-quality execution,” Schwartz added.
Located at 35 Cottage Street — a short walk from the Journal Square PATH station — the new apartment tower has not yet opened, but will feature units ranging from studios to three-bedrooms. The initial plan for the tower included using three ground floors as a Chabad synagogue, a preschool and a party hall, as CO reported in August 2024.
Namdar Group has been responsible for a prolific amount of new development in Jersey City. Last year, the firm secured a $335 million debt package to refinance three newly built Jersey City multifamily assets and a total of 833 units at 9 Homestead Place, 26 Van Reipen Avenue and 28 Cottage Street, CO reported.
Brian Pascus can be reached at bpascus@commercialobserver.com.