Namdar Group secures $160m bridge loan for 618 Pavonia Avenue in Jersey City
Namdar Group announced that it has secured a $160 million bridge loan for 618 Pavonia Ave. in Jersey City’s Journal Square neighborhood. Slate Property Group’s lending arm, SCALE, provided the loan, which was arranged by Greystone Capital Advisors.
The bridge loan will be used to retire $120 million in construction financing and fund the lease-up and stabilization of the 27-story, 432-unit residential building, known as 9 Homestead Place.
This is the fifth deal that SCALE has closed with Namdar Group, one of the largest landowners and developers in Journal Square. Completed in spring 2023, 618 Pavonia Ave., which features a mix of residences ranging from studios to three-bedroom apartments, has had enormous initial lease-up success. Communal amenities include a bowling alley, rooftop lounge and terrace, game room, yoga room and fitness center.
Located within Homestead Place, a growing commercial corridor in the heart of Journal Square, the project also featu