JERSEY CITY, N.J. — SCALE Lending, the debt financing subsidiary of Slate Property Group, has provided two cross-collateralized loans totaling $243 million for two buildings in Jersey City’s Journal Square neighborhood. The borrower was Namdar Group. Drew Fletcher and Bryan Grover of Greystone Capital Advisors arranged the loans.
Firstly, SCALE Lending issued a $160 million construction loan for a 27-story tower located at 626 Newark Avenue. The mixed-use development will offer 576 apartments, as well as 9,915 square feet of street-level retail and 17,747 square feet of office space. The project is slated to deliver in 2026. AJD Construction is the general contractor.
SCALE Lending also provided an $83 million bridge loan for 26 Van Reipen. The proceeds will be used to retire $73 million in construction financing and fund the lease-up and stabilization of the asset. 26 Van Reipen comprises 235 units across 27 stories. The development was completed in late 2023. The community also features 7,562 square feet of retail and 7,546 square feet of office space, which are master leased to CMPND, an apartment and co-working community. Both 626 Newark and 26 Van Reipen were designed by C3D Architects.