JERSEY CITY, N.J. — New York City-based developer Namdar Group has secured $390 million in financing for Park Tower, a 1,049-unit, transit-oriented, mixed-income development in Jersey City’s Journal Square neighborhood. A start date was not announced. Completion is slated for May 2029. Park Tower adds to Namdar’s extensive Journal Square portfolio, where the developer has delivered more than 2,000 apartments as part of a multi-year buildout around the neighborhood’s PATH station. The PATH train provides direct access to the World Trade Center in Lower Manhattan.
Affinius Capital provided a $310 million construction loan, and BH3 Management contributed an $80 million mezzanine loan. Walker & Dunlop arranged both pieces of financing.
C3D Architecture designed the property, which is comprised of studios, one-, two- and three-bedroom units with in-unit washers and dryers and views of the New York City skyline. Amenities include a fitness center, yoga studio, bowling alley, arcade, music room, golf simulator, game room and a rooftop lounge. The project also will feature 105 affordable housing units, 30 extended-stay hotel units and ground-floor retail.