Namdar Group secures $152m construction financing for luxury apartment building in Jersey City, N.J.

Namdar Group secured $152 million in construction financing for the development of 35 Cottage Street, a 588-unit luxury apartment building to be built in Jersey City, N.J., to include a CHABAD Synagogue, preschool and the first dedicated party hall in Journal Square.

JLL represented the borrower to secure the senior financing through Centennial Bank (CCFG) and the mezzanine financing through a private lender.

“We are excited to have the opportunity to work again with the Centennial team on the development front in Jersey City,” said Andrew Namdar of Namdar Group.

With the future location of 35 Cottage Street, the community will be less than a five-minute walk from the Journal Square PATH Station. 35 Cottage is within 30 minutes of New York City’s Penn Station, The World Trade Center, and Newark's Penn Station. The complex will be situated in Journal Square in the heart of Jersey City, which has a low vacancy rate of 2.3 percent despite rising rents and an