US $ 96 million land and construction loan closed by SCALE loan

LENDING SCALE announced the completion of a US $ 96 million combined construction and land loan on Journal Square in Jersey City. The funding allows the construction of a maximum of 811 additional housing units. It will finance the top-to-bottom construction of a 235-unit multi-family building at 26 Van Reipen Avenue, as well as the purchase of 400,000 square feet of fully titled property at 626 Newark Avenue, allowing the construction of 576 future apartments.

Namdar Group will build the 235-unit project, with AJD Construction as general contractor. Jersey City’s Journal Square neighborhood is home to the development. It is close to a bustling commercial area in Journal Square as well as the PATH line.

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Namdar Group, a SCALE loan opportunity

“Working with the Namdar Group, an institutional developer with a solid background in the industry, is a fantastic opportunity for SCALE. “We believe it is important to work with leading sponsors on a consistent basis as their portfolios grow,” said Martin Nussbaum, co-founder and director of Slate Property. “In such a competitive and dynamic marketplace, SCALE has used its relationship with the borrower and broker to creatively think outside the box to execute a complicated transaction structure. This agreement illustrates the continued development of SCALE throughout the New York metro area. Greystone arranged the financing, and the loan is the latest for SCALE Lending, a subsidiary of Slate Property Group.

According to Apartment Guide, the average rent for a one-bedroom apartment in Jersey City in September was US $ 3,270, an increase of 23% from the previous year. Still, prices in Jersey City appear to be cheaper than those in New York City, where the average rent for a one-bedroom apartment was US $ 4,887 in September, up 58.2% from the previous month. last year. Over the past 18 months, Scale Lending has funded over US $ 1 billion.

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