Newmark has arranged a $310 million construction loan on behalf of Namdar Group for 555 Summit Ave., an 873-unit multifamily development in Jersey City, N.J. The property represents the first phase of a planned two-tower development totaling 1,542 units across 555 and 547 Summit avenues. The financing was provided by TYKO.
Co-head of global debt and structured finance Jordan Roeschlaub, vice chairman Nick Scribani, senior managing director Max Ralby and associate Dante DiStefano arranged the financing on behalf of the borrower.
555 Summit will comprise a 47-story tower with studio, junior one-bedroom, one-bedroom and two-bedroom residences, approximately 2,300 square feet of retail space and amenities including a fitness center, rooftop lounge and terrace, club room, and co-working space.
Situated steps from the Journal Square PATH station, the development offers direct connectivity to Lower Manhattan and the broader New York metropolitan area.
