{"id":143496,"date":"2026-02-24T04:54:14","date_gmt":"2026-02-24T04:54:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/143496\/"},"modified":"2026-02-24T04:54:14","modified_gmt":"2026-02-24T04:54:14","slug":"jersey-citys-165-newark-development-snags-35-million-loan","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/143496\/","title":{"rendered":"Jersey City\u2019s 165 Newark Development Snags $35 Million Loan"},"content":{"rendered":"<p>         <img fetchpriority=\"high\" decoding=\"async\" class=\"size-large wp-image-91289\" src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/02\/barcade-1024x768.jpg\" alt=\"Barcade\" width=\"696\" height=\"522\"  \/>Fencing and permits have gone up at 165 Newark Avenue for a 51-unit development that will partially preserve the existing building. Photo by Chris Fry\/Jersey Digs.<\/p>\n<p>An endeavor that will partially reuse a historic building while creating an addition has gained a big cash infusion after work finally began on the long-delayed development last year.<\/p>\n<p>Brokers with CBRE announced they have secured a $35.4 million loan package on behalf of Hopkins Group Management, the developers behind 165 Newark Avenue in Jersey City. The company\u2019s advisory team said the capital sources include a senior construction loan provided by Goodman Capital and mezzanine debt from SteepRock Capital.<\/p>\n<p>The package allows Hopkins Group Management to move ahead with the development, which finally <a href=\"https:\/\/jerseydigs.com\/barcade-jersey-city-redevelopment\/\" rel=\"nofollow noopener\" target=\"_blank\">broke ground<\/a> in 2025. The project will create 51 total new units of housing as well as 13,904 square feet of retail space alongside the Newark Avenue Pedestrian Plaza.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-34744\" src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/02\/163-165-Newark-Avenue-Jersey-City-4-1024x768.jpg\" alt=\"163 165 Newark Avenue Jersey City 4\" width=\"696\" height=\"522\"  \/>The redevelopment as seen from Newark Avenue. Rendering courtesy LWDMR Architects.<\/p>\n<p>CBRE\u2019s Matthew Pizzolato and Josh Stein arranged the financing and noted that future residents of the seven-story building will be just about a block away from the Grove Street PATH Station.<\/p>\n<p>\u201cWell-located, transit-oriented multifamily developments like 165 Newark Avenue continue to attract strong interest from the debt capital markets,\u201d Pizzolato said in a statement. \u201cBy structuring a thoughtfully layered capital stack, we were able to deliver a financing solution that allows our client to advance the project with minimal need for additional outside equity.\u201d<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-32926 size-full\" src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/02\/barcade-development-165-newark-ave-jersey-city-rendering.jpg\" alt=\"Barcade Development 165 Newark Ave Jersey City Rendering\" width=\"1000\" height=\"563\"  \/>Rendering of the future at 165 Newark Avenue. Credit LWDMR.<\/p>\n<p>Known locally in recent years as the Barcade building for the bar that had inhabited the ground floor, the redevelopment plan for the property was <a href=\"https:\/\/jerseydigs.com\/redevelopment-plan-approved-barcade-building-163-165-newark-avenue-jersey-city\/\" rel=\"nofollow noopener\" target=\"_blank\">greenlit<\/a> way back in 2019. Designed by LWDMR Architects, the plan calls for constructing a new development in two phases while retaining the edifice of the historic building along Newark Avenue and the northern part of Barrow Street.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-34742\" src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/02\/163-165-Newark-Avenue-Jersey-City-2-1024x735.jpg\" alt=\"163 165 Newark Avenue Jersey City 2\" width=\"696\" height=\"500\"  \/>Approved redevelopment of 163-165 Newark Avenue, Downtown Jersey City. Rendering courtesy LWDMR Architects.<\/p>\n<p>The development\u2019s first phase will consist of a seven-story building with a penthouse and \u201cground floor commercial mezzanine,\u201d while the second phase involves the construction of a five-story building.<\/p>\n<p>A timeline for the completion of both phases has not been announced, as this stretch of Newark Avenue has become a bit of a construction zone as of late. A pair of mid-rise <a href=\"https:\/\/jerseydigs.com\/155-157-newark-ave-jersey-city-developments\/\" rel=\"nofollow noopener\" target=\"_blank\">developments<\/a> that also include ground-floor retail space are underway at 155 Newark Street and 157 Newark Avenue just down the street.<\/p>\n","protected":false},"excerpt":{"rendered":"Fencing and permits have gone up at 165 Newark Avenue for a 51-unit development that will partially preserve&hellip;\n","protected":false},"author":2,"featured_media":143497,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[60215,1503,14507,60216,60217,9,11,10,60218],"class_list":{"0":"post-143496","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-165-newark-avenue","9":"tag-cbre","10":"tag-downtown","11":"tag-goodman-capital","12":"tag-hopkins-group-management","13":"tag-new-york","14":"tag-new-york-headlines","15":"tag-new-york-news","16":"tag-steeprock-capital"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/143496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=143496"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/143496\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/143497"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=143496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=143496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=143496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}