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Namdar Group secures $390M construction financing for Jersey City Park Tower
The 47-story multifamily project at 629 Newark Ave. is set to deliver by May 2029, with 1,049 residences and ground-floor retail near the Journal Square PATH station.
Namdar Group has secured $390 million in construction financing for Park Tower, a 47-story multifamily development in Jersey City, New Jersey, according to ConnectCRE.
The financing package was arranged by Walker & Dunlop Capital Markets Institutional Advisory and includes a floating-rate, interest-only senior construction loan from Affinius Capital and a floating-rate, interest-only mezzanine loan from BH3 Fund Advisors.
Park Tower is located at 629 Newark Ave. and is slated for completion by May 2029. The Class A project will include 1,049 residences, comprised of 944 market-rate apartments and 105 affordable units, plus 30 extended-stay hotel units and ground-floor retail.
ConnectCRE also notes that Namdar Group is based in Great Neck, New York, and focuses on large-scale transit-oriented developments in the U.S. and the Caribbean, and that Walker & Dunlop previously arranged Namdar-backed financing in Journal Square, including a $220 million refinancing in September 2025 and $180 million in financing in July for other multifamily assets.