SCALE Lending Provides $160M Bridge Financing for Jersey City Mixed-Use Development
The loan replaces a $120 million construction loan at 9 Homestead Place in Jersey City.
By Brian Pascus July 19, 2023 1:54 pm
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Namdar Group, a New York City-based development firm, has secured a $160 million bridge loan for 9 Homestead Place, a 27-story, 432-unit mixed-use building in Jersey City, N.J.
Slate Property Group’s lending arm, SCALE, provided the bridge financing, which will retire $120 million in construction and lease-up financing used before the project opened in spring 2023. Drew Fletcher and Bryan Grover of Greystone Capital Advisors arranged the deal.
Martin Nussbaum, co-founder and principal at Slate Property Group, said in a statement that Namdar Group is a repeat borrower with SCALE and that the firm has previously developed in the Journal Square neighborhood of Jersey City, where 9 Homestead Place is also located.
“In an environment that is making it extremely difficult to finance all types of development projects, our strong relationships and experience in the market are allowing us to get a large volume of deals across the finish line,” said Nussbaum.
Drew Fletcher, president of Greystone, said in a statement that the deal proves “there is still strong liquidity and risk appetite” for financing certain high-quality multifamily projects “despite the significant headwinds in the capital markets.”
Located at 618 Pavonia Avenue, 9 Homestead Place also includes 10,000 square feet of retail and 21,000 square feet of office space. The office space is master leased to CMPND, an apartment and coworking community based in New Jersey.
Namdar Group specializes in “transit oriented developments,” and 9 Homestead rests just outside the Journal Square PATH station, according to the firm. The firm’s portfolio consists of six Jersey City multifamily projects, a Miami development, and six projects across the Caribbean.
Slate Property Group operates as an owner, developer, and lender for projects in the multifamily space across the New York metropolitan area. The firm has invested $6.5 billion in equity and debt across 50 investments over the last 10 years.
Brian Pascus can be reached at bpascus@commercialobserver.com
