Namdar Group has secured an $160 million bridge loan for 9 Homestead Place, a 432-unit luxury multifamily community in the Journal Square neighborhood of Jersey City, N.J. Slate Property Group’s lending arm SCALE provided the financing and Greystone Capital Advisors brokered the deal.
The note will retire a $120 million construction loan, also originated by SCALE in 2021, according to Yardi Matrix data, as well as fund the lease-up and stabilization of the property.
Completed in spring 2023, the 27-story high-rise incorporates studio, one-, two- and three-bedroom floorplans. The building also features 10,000 square feet of retail space and 21,000 square feet of office space, leased to CMPND, an apartment and coworking community. Resident amenities include a game room, yoga studio, fitness center and rooftop lounge, along with a bowling alley.
Located at 618 Pavonia Ave. in an Opportunity Zone, the community is less than 2 miles from downtown Jersey City and some 4 miles from New York via Interstate 78. Situated within the Homestead Place retail corridor, the site is near Journal Square PATH station, providing car-free access to Manhattan.
Greystone President Drew Fletcher, along with Director Bryan Grover arranged the loan. This transaction represents the fifth deal closed between Slate Property Group and the developer.
Last year, Namdar Group received a $195 million loan from SCALE for the construction of a 1,354-unit project in Miami, also negotiated by the same team from Greystone.
