Walker & Dunlop has arranged $390 million in construction financing for Park Tower, a new class A mixed-use multifamily development in Jersey City’s Journal Square neighborhood.
“Park Tower brings together market-rate and affordable housing, extended-stay accommodations, and retail in one of the region’s most active transit-oriented neighborhoods,” said Aaron Appel, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop. “This financing reflects the strength of the project, Namdar Group’s vision for Journal Square and continued institutional demand for housing in the market. We value our longstanding relationship with Namdar Group and the opportunity to work alongside them again as they bring another significant residential development to Journal Square.”
Rising 47 stories and encompassing approximately 501,000 square feet, Park Tower will feature 1,049 residential units: 944 market-rate apartments and
