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Namdar Group secures $310M construction loan for Jersey City multifamily
The deal funds the first phase of a two-tower plan that will add 1,542 units across 555 and 547 Summit Ave.
ConnectCRE reports that Newmark arranged a $310-million construction loan for Namdar Group for 555 Summit Ave. in Jersey City.
The project will deliver an 873-unit multifamily development as the first phase of a planned two-tower project totaling 1,542 units across 555 and 547 Summit Ave., with financing provided by TYKO.
ConnectCRE said 555 Summit will be a 47-story tower with studio, junior one-bedroom, one-bedroom, and two-bedroom residences, plus approximately 2,300 square feet of retail space and amenities including a fitness center.
The outlet added that Newmark team members Jordan Roeschlaub, Nick Scribani, Max Ralby, and Dante DiStefano arranged the financing on behalf of the borrower.